Tesla and SpaceX founder Elon Musk plans to exit the board of directors of Endeavor Group Holdings in June.The company disclosed the departure Wednesday in an SEC filing, which conveniently landed just as the company was starting its quarterly conference call with Wall Street analysts.
The owner of WME, IMG and the UFC reported a net loss for the fourth quarter, but better-than-expected revenue.Last Saturday, the company disclosed in the filing, the tech billionaire notified the company of his resignation from the board as of June 30. “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,” the filing added. The decision to exit “was not the result of any disagreement with the Company on any matter relating to its operations, policies or practices.”A person familiar with Musk’s departure from the board said it came down to his full plate of activities.
Running Tesla alone is a tall order, given its $860 billion market value and growth ambitions. Privately held space exploration firm SpaceX, founded in 2002, was reportedly valued at a dizzying $100 billion last year during a funding round.Musk, who made his initial fortune co-founding PayPal before Tesla’s success made him one of the richest people on the planet, was a significant get for Endeavor ahead of its IPO last April.
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