Elon Musk Selected to Join Board of Company That Owns UFC and Miss Universe In an IPO filing, Endeavor Group Holdings said that a 2018 settlement between Musk and the SEC would not prevent the billionaire's ability to join the company's board.

By Justin Chan Edited by Jessica Thomas

Billionaire businessman Elon Musk has been selected to join the board of Endeavor Group Holdings, the company announced in its IPO filing on Wednesday.

Founded by Ari Emanuel, the company owns and manages the UFC, the Miss Universe pageant and New York Fashion Week, among other live events. Now, it hopes to bring on one of the most recognizable names as one of its 11 directors.

"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 said in the filing.

Related: Elon Musk Suggests in Tweet That Tesla Could Be Bigger Than Apple in a Few Months, Then Deletes It

In addition to explaining its decision to nominate Musk to the board, the company also addressed concerns surrounding the SpaceX and Tesla CEO's settlement with the SEC in 2018. Musk was forced to step down as Tesla's chairman and pay a fine after he claimed on Twitter that he was considering taking Tesla private.

"Without admitting or denying the SEC's allegations, Mr. Musk agreed to a monetary penalty and to step down as Tesla Inc.'s Chairman of the Board for a period of time," Endeavor said. "There are no restrictions on Mr. Musk's ability to serve as an officer or a director on a company's board."

Musk must still be elected before serving as one of Endeavor's directors.

According to CNBC, Endeavor filed for an IPO two years ago but pulled back its plan to go public following weak interest from investors. Last year, the company did $3.48 billion in sales, posting a net loss of $625.3 million.

Justin Chan

Entrepreneur Staff

News Writer

Justin Chan is a news writer at Entrepreneur.com. Previously, he was a trending news editor at Verizon Media, where he covered entrepreneurship, lifestyle, pop culture, and tech. He was also an assistant web editor at Architectural Record, where he wrote on architecture, travel, and design. Chan has additionally written for Forbes, Reader's Digest, Time Out New YorkHuffPost, Complex, and Mic. He is a 2013 graduate of Columbia Journalism School, where he studied magazine journalism. Follow him on Twitter at @jchan1109.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Productivity

6 Habits That Help Successful People Maximize Their Time

There aren't enough hours in the day, but these tips will make them feel slightly more productive.

Starting a Business

Her Business Is Solving the $12 Billion 'Porch Pirate' Problem — Here's How a $300 Product Can Keep Your Packages Safe

Melissa Kieling and her son Brennan Naylor co-founded hyve Security to save customers headaches and retailers money.

Business News

'Gen Z Is Obsessed': Chili's Sales Have Skyrocketed Thanks to the Triple Dipper and Turbo Chefs

On an earnings call this week, one analyst said the company's turnaround was "the best one of all time" in the restaurant industry.

Business News

'I Hate Bureaucracy': Leaked Internal Amazon Document Reveals How the Tech Giant Is Cutting Down on Middle Management

Amazon could soon let go of thousands of managers, resulting in savings of up to $3.6 billion.