Elon Musk is an eccentric CEO and does not hide it. He is also a very busy entrepreneur.
The billionaire, who built his fortune with the financial services company PayPal (PYPL) – Get PayPal Holdings, Inc. Report, runs several companies at the same time. There’s Tesla (TSLA) – Get Tesla Inc Report, the electric vehicle maker whose market capitalization approached $1 trillion.
Then there is SpaceX, which is writing a new chapter in the conquest of space. Musk is also behind The Boring Company, the company that aims to revolutionize public and long-distance transport between cities, which is also one of his concerns in the same way as Neuralink.
In addition to running all of these companies, Musk is also their chief communicator and spokesperson.
One of his main concerns right now is to keep Tesla ahead of its many competitors in the race for electric vehicles. From Volkswagen (VWAGY) – Get Volkswagen AG Report to GM (GM) – Get General Motors Company Report via Ford (F) – Get Ford Motor Company Report and the young wolves Rivian (RIVN) – Get Rivian Automotive, Inc. Class A Report and Lucid (LCID) – Get Lucid Group, Inc. Report, all these manufacturers position themselves in relation to Tesla. The automaker tries as much as possible to meet demand. As for SpaceX, the aerospace group is in competition with Jeff Bezos’ Blue Origin and Richard Branson’s Virgin Galactic.
A Big Catch
Just looking at these titanic missions, you’d think Musk didn’t have time for anything else, but nope. In 2021, the tycoon agreed to join the board of directors of Endeavor Group Holdings, owner of assets like talent agency WME, sports leagues like the UFC, a production outfit and modeling firm IMG.
It was a big catch for the Ariel Emanuel-controlled Hollywood conglomerate that owns a majority stake in the UFC, as well as talent agency WME and global beauty pageant Miss Universe.
Musk’s arrival on the board of Endeavor Group came just before the group went public. Having Musk was a positive signal sent to investors.
“Mr. Musk was selected to serve on our board of directors because of his professional background and experience running a public company, his previously held senior executive-level positions, his service on other public company boards and his experience starting, growing and integrating businesses,” Endeavor explained at the time.
Almost a year later things have changed: The billionaire has decided to drop this mission.
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“On March 12, 2022, Elon Musk notified us of his resignation from our board of directors, effective June 30, 2022,” Endeavor Group recently announced in a filing with the Securities and Exchange Commission (SEC).
Musk will not be replaced.
“And, in connection therewith, the board of directors approved reducing its size from eight to seven members subject to and effective upon the effectiveness of Mr. Musk’s resignation.”
A Global Sports and Entertainment Company
Endeavor Group has also tried to dispel all possible speculation, including possible misunderstandings between the group and Musk. The California firm explains that the departure of the richest man in the world is not linked to any problem or disagreement on any possible issue. Basically, the reason for his departure is to be found elsewhere. In this case, it would be Musk’s very busy schedule that would be the cause.
“Mr. Musk’s resignation was not the result of any disagreement with the Company on any matter relating to its operations, policies or practices,” Endeavor said.
Musk has ties to Endeavor board chairman Egon Durban, co-CEO of private equity firm Silver Lake. Musk reportedly consulted Durban as he considered taking Tesla private in 2018. Silver Lake owns a 35,17% stake in Endeavor.
Endeavor is a global sports and entertainment company, home to many live events.
“The company is comprised of industry leaders including entertainment agency WME; sports, fashion, events and media company IMG; and premier mixed martial arts organization UFC.” it said.
“The Endeavor network specializes in talent representation, sports operations & advisory, event & experiences management, media production & distribution, experiential marketing and brand licensing,” it added.
Endeavor recently announced that it suffered a net loss of $19.5 million in the fourth quarter of 2021, but its revenues have increased. Indeed, 4Q revenues were $1.5 billion, up 56.7% compared to 4Q 2020.
“Given the unique position we occupy in the content landscape, we remain confident about our ability to continue leveraging trends, unlocking growth, and delivering long-term value,” said CEO Ariel Emanuel
Source: https://www.thestreet.com/technology/elon-musk-drops-hollywood-beauty-pageant-and-ufc?puc=yahoo&cm_ven=YAHOO&yptr=yahoo