Entrepreneur Elon Musk will be stepping down from Endeavor’s Board of Directors.
The SpaceX founder had first joined the board of directors of Endeavor Group Holdings in March 2021. He is expected to step down on June 30, 2022.
Elon Musk’s Resignation Is ‘Not The Result Of Any Disagreement’, Board Claims
Although many were surprised to hear the news, the filing by the board of directors announced that there were no disagreements that led the Tesla founder to leave the company.
“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 said, claiming Musk’s decision to leave “was not the result of any disagreement with the Company on any matter relating to its operations, policies or practices.”
Deadline noted that the company disclosed the news in an SEC filing on Wednesday, which took place just before their quarterly conference call with analysts on Wall Street. Although they reported a net loss for the fourth quarter, their revenue is reportedly better than expected.
Source Claims Elon Musk Is Leaving To Focus On Other Activities
Musk originally got his start as the co-founder of PayPal before his success in the electric car market turned him into one of the richest and most influential people on the planet. A source familiar with the situation told Deadline that Musk is simply stepping away from Endeavor to focus on other activities.
Last March, Endeavor had added him to the board due to 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.”
A company spokesperson thanked Musk “for his commitment to Endeavor through our first year as a public company, in which he contributed meaningfully to our long-term strategy and vision for the future of sports and entertainment.”
“We know he has a lot of demands and little time, and we appreciate the support he provided us,” they added.
The remaining Endeavor board members include the company’s CEO, Ariel Emanuel; its executive chairman, Patrick Whitesell; and Egon Durban, Ursula Burns, Jacqueline Reses, Stephen Evans and Fawn Weaver. Durban serves as the chairman of the board.
Elon Musk Was Named Person Of The Year In 2021
.@WalterIsaacson on @elonmusk: “He has a fierce urge to make life on this planet sustainable, turn humans into a spacefaring species, and assure that artificial intelligence will be beneficial rather than malign to us mortals” #TIMEPOY https://t.co/iz25YpFtBs
— TIME (@TIME) December 13, 2021
As The Blast previously reported, the entrepreneur was named TIME’S Person of the Year in 2021.
The coveted position goes to the person who has been rated the most influential during that year, and TIME’s Editor-in-Chief Edward Felsenthal believes that no one has more influence today than Musk.
“Person of the Year is a marker of influence, and few individuals have had more influence than Musk on life on Earth, and potentially life off Earth too,” Felsenthal wrote. “In 2021, Musk emerged not just as the world’s richest person but also as perhaps the richest example of a massive shift in our society.”
With a net worth of over $300 billion, Elon Musk has been described as the richest person in the history of the world. Felsenthal praised Musk’s contributions to the electric vehicle market through Tesla, saying, “It’s a market that Musk almost single-handedly created, seeing long before others the demand for clean-energy transportation that the world’s climate crisis would eventually propel.”
Although Tesla has now become a trillion-dollar company, Musk is also the CEO of SpaceX, which is described as the “global commercial leader in building and flying rockets and crews.” According to Felsenthal, Musk has a rough timeline to get astronauts to the moon in three years, and to land on Mars within five years.
Although some people have criticized the decision, Felsenthal defended Musk’s appointment by writing, “We don’t yet know how fully Tesla, SpaceX, and the ventures Musk has yet to think up will change our lives. At 50, he has plenty of time to write the future, his own and ours. Like it or not, we are now in Musk’s world.”