Elon Musk is being tapped to oversee the Ultimate Fighting Championship, a group of Hollywood agents and the Miss Universe pageant.
What could have gone wrong?
Tesla’s eccentric, Twitter-happy CEO plans to join Endeavor’s board – a Hollywood conglomerate controlled by Ari Emanuel, with a majority stake in the UFC, as well as WME talent agency and Miss India Global beauty contest, a securities Filing revealed late Wednesday.
The so-called S-1 filing revealed that Endeavor wanted to go public on the New York Stock Exchange under the ticker of “EDRR”. It has raised nearly $ 1.7 billion, including high-profile, private investors, including billionaire Paul Singer’s Elliott Management, Michael Dell’s MSD Capital, Silver Lake, Tencent and Third Point.
Meanwhile, the filing only explained clearly why Endeavor – which was reported by The Post last week, was intended to end the effort to go public in 2019 due to weak demand early next month Filing for IPO. Its board would be a good idea.
In addition to Musk’s “professional background and experience running a public company, Endeavor cited his” first senior executive-level positions, his service on other public company boards and his starting, growing and integrating businesses. “
Los Angeles-based Endeavor was also quick, however, to accept that Musk has a rocky record when it comes to corporate governance. It also includes his infamous August 2018 tweet, in which he planned to take Tesla at $ 420 per share.
The market-running tweet – which was intended as a pot joke, slang for “420” marijuana use – was fined $ 20 million by Musk and banned by the SEC for two years as Tesla’s president, Endeavor contributed to its Wednesday securities filing.
Nevertheless, Endeavor said, “There is no restriction on Mr. Musk’s ability to serve as an officer or director on the company’s board.”
According to sources close to the situation, there are common ties between Musk and Emanuel, including Egan Durban, co-CEO of private equity firm Silver Lake. Musk consulted with Durban, who helped Michael Dell buy his computer company when he was evading the idea of taking Tesla private. At the time, Musk also spoke to Dale, according to himself A report by The Wall Street Journal.
Meanwhile, Silver Lake has a 35 percent stake in Endeavor and 20 percent in the UFC, as reported exclusively by The Post. Endeavor is looking to buy those bets and take 100 percent control of the UFC as part of its bid to IPO. Dell also holds a 2 percent stake in the MMA company.
Musk also has some other chance connections to Endeavor. Pop star Grimes, his girlfriend and baby mama, have been re-created by WME. The couple have been seen together in UFC matches, and UFC President Dana White has traded tweets with Musk. Recently, White told reporters that he felt that Tesla CEOs were “crooks” to reopen Tesla’s car manufacturing plant in California during the epidemic.
“Didn’t he open it and say arrest me? I love it,” White said at a press conference last May.
Musk, who also appeared several times on Rogan’s podcast, smoked occasionally, to host topics with MMA. In a recent interview, Musk revealed to a surprised Rogan that he practiced martial arts as a child and had been a fan of “the first MMA fights”, especially that of UFC Hall of Fame fighter Royce Gracie.
“He [Gracie] Was winning against the people at large and that sort of thing. And it was just like “Wow, this is good,” Musk said. “I sent my children to jujutsu because they were like, I don’t know, six.”
Endeavor also stated in his filing that Fon Weaver, an investor and author of “Happy Wives Club”, will also join the board.
An Endeavor representative declined to comment on Wednesday.
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