The world’s richest person owns stakes in Tesla Inc TSLA, SpaceX, Twitter Inc TWTR and several other companies. Earlier this week, Elon Musk also exercised stock options to common shares in this publicly-traded company.
What Happened: A Form 4 issued this week shows Musk converted options in Endeavor Group Holdings Inc EDR into common shares. As of June 13, Musk owns 7,583 shares of Endeavor Group, valued at around $150,000, as reported by Teslarati.
Endeavor Group operates in the entertainment and sports industries with the ownership of WME, IMG and the Ultimate Fighting Championship. The company also offers marketing and licensing for several professional sports leagues.
Musk is a member of the board of directors of Endeavor but will be stepping down on June 30, 2022.
“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,” an SEC filing issued earlier this year said.
It was reported that Musk had no disagreement with the company or its operations at the time of the resignation announcement.
Why It’s Important: Musk’s announcement of his resignation from the Endeavor board of directors earlier this year could have served as a precursor of his involvement with Twitter. The announcement came close to the time Musk first reported buying Twitter shares.
Musk was named to the Endeavor board of directors in February 2021, several months before the company completed its IPO at $24 per share.
Musk is a very busy man serving as the CEO of both Tesla and SpaceX. Add in his other ventures and his new position in Twitter and it isn’t too surprising that the board position with Endeavor might have been a non-focus area.
Time will tell if Musk sells the shares or holds onto them.
EDR Price Action: Endeavor shares are up 3.34% to $20.43 on Friday afternoon versus a 52-week range of $17.42 to $35.28.
Photo: Mario Lisovski via Shutterstock
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