In an IPO submitting, Endeavor Group Holdings stated {that a} 2018 settlement between Musk and the SEC wouldn’t forestall the billionaire’s skill to hitch the corporate’s board.

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Billionaire businessman Elon Musk has been chosen to hitch the board of Endeavor Group Holdings, the corporate introduced in its IPO submitting on Wednesday. 

Based by Ari Emanuel, the corporate owns and manages the UFC, the Miss Universe pageant and New York Style Week, amongst different stay occasions. Now, it hopes to convey on one of the crucial recognizable names as one in every of its 11 administrators. 

“Mr. Musk was chosen to serve on our board of administrators due to his skilled background and expertise working a public firm, his beforehand held senior executive-level positions, his service on different public firm boards and his expertise beginning, rising and integrating companies,” Endeavor stated within the submitting. 

Associated: Elon Musk Suggests in Tweet That Tesla Might Be Greater Than Apple in a Few Months, Then Deletes It

Along with explaining its resolution to appoint Musk to the board, the corporate additionally addressed considerations surrounding the SpaceX and Tesla CEO’s settlement with the SEC in 2018. Musk was compelled to step down as Tesla’s chairman and pay a positive after he claimed on Twitter that he was contemplating taking Tesla non-public. 

“With out admitting or denying the SEC’s allegations, Mr. Musk agreed to a financial penalty and to step down as Tesla Inc.’s Chairman of the Board for a time frame,” Endeavor stated. “There are not any restrictions on Mr. Musk’s skill to function an officer or a director on an organization’s board.”

Musk should nonetheless be elected earlier than serving as one in every of Endeavor’s administrators. 

In line with CNBC, Endeavor filed for an IPO two years in the past however pulled again its plan to go public following weak curiosity from traders. Final yr, the corporate did $3.48 billion in gross sales, posting a web lack of $625.3 million. 

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