Elon Musk is being tapped to oversee Ultimate Fighting Championship, a bunch of Hollywood brokers and the Miss Universe Pageant.
What may go fallacious?
Tesla’s eccentric, Twitter-happy chief govt plans to join the board of Endeavor — the Hollywood conglomerate managed by Ari Emanuel that owns a majority stake within the UFC, in addition to the WME expertise company and the Miss Universe world magnificence contest, a securities submitting revealed late Wednesday.
The so-called S-1 submitting revealed that Endeavor has raised practically $1.7 billion from a who’s who of high-profile, non-public buyers together with billionaire Paul Singer’s Elliott Management, Michael Dell’s MSD Capital, Silver Lake, Tencent and Third Point.
Meanwhile, the submitting solely vaguely defined why Endeavor — which, as reported by The Post final week, goals to file for an IPO early subsequent month after scrapping an effort to go public in 2019 as a result of of weak demand — believes that including the controversial Musk to its board could be a good suggestion.
In addition to Musk’s “professional background and experience running a public company,” Endeavor cited his “previously held senior executive-level positions, his service on other public company boards and his experience starting, growing and integrating businesses.”
Los Angeles-based Endeavor was additionally fast, nonetheless, to admit that Musk has a rocky report when it comes to company governance. That contains his notorious August 2018 tweet that he deliberate to take Tesla non-public for $420 a share.
The market-scrambling tweet — which amounted to a pot joke, as “420” is slang for marijuana use — obtained Musk a $20 million positive and banned as chairman of Tesla by the SEC for 2 years, Endeavor acknowledged in its Wednesday securities submitting.
Nevertheless, Endeavor added, “There are no restrictions on Mr. Musk’s ability to serve as an officer or a director on a company’s board.”
According to sources shut to the scenario, Musk and Emanuel have connections in widespread that embrace Egon Durban, the co-CEO of non-public fairness agency Silver Lake. Musk consulted Durban, who helped bankroll Michael Dell’s buyout of his computer company, when he was mulling the concept of taking Tesla non-public. At the time, Musk additionally spoke to Dell, himself, in accordance to a report from The Wall Street Journal.
Meanwhile, as reported solely by The Post, Silver Lake owns a 35 % stake in Endeavor and a 20 % stake within the UFC. Endeavor is wanting to purchase out these stakes and take 100-percent management of UFC as half of its bid to IPO. Dell additionally owns a 2 % stake within the MMA company.
Musk additionally has another likelihood connections to Endeavor. Pop star Grimes, his girlfriend and child mama, is repped by WME. The couple has additionally been noticed collectively at UFC matches, and UFC president Dana White has traded tweets with Musk. Recently, White advised reporters that he thought the Tesla CEO was a “badass” for reopening Tesla’s automobile manufacturing plant in California through the pandemic.
“Didn’t he open it and say come arrest me? I love it,” White stated at a press convention final May.
Musk has additionally appeared on Joe Rogan’s podcast a number of occasions, typically smoking weed, to gab on a bunch of matters which have included MMA. In a latest interview, Musk advised a shocked Rogan that he practiced martial arts as a child and has been a fan of “the first MMA fights,” notably these of UFC corridor of fame fighter Royce Gracie.
“He [Gracie] was winning against people way bigger and that kind of thing. And it was just like “Whoa, this is cool,” Musk stated. “I sent my kids to jujitsu since they were like, I don’t know, six.”
Endeavor additionally revealed in its submitting that Fawn Weaver, an investor and creator of “Happy Wives Club,” would even be becoming a member of the board.
An Endeavor rep declined to touch upon Wednesday.