Elon Musk to resign from Endeavor’s board

The billionaire's resignation will be effective from June 30, 2022, the US talent company said

Elon Musk became a director of US talent company Endeavor last May. AFP

Billionaire Elon Musk will step down from the board of directors of US-based talent company Endeavor later this year.

Mr Musk’s move to resign was “not the result of any disagreement with the company on any matter relating to its operations, policies or practices”, the company said in a filing to the Securities and Exchange Commission.

Endeavor, a holding company for talent and media agencies based in California, announced Mr Musk’s departure in its annual report with the SEC, saying that his resignation will be effective from June 30, 2022.

The founder of Tesla and SpaceX, Mr Musk became a director of Endeavor last May. He informed the company of his resignation earlier this month, according to the SEC filing.

“On March 12, 2022, Elon Musk notified us of his resignation from our board of directors, effective June 30, 2022, and, in connection therewith, 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.

Endeavor thanked Mr Musk for his commitment during its first year as a public company. He “contributed meaningfully to our long-term strategy and vision for the future of sports and entertainment”, the company told US media outlets.

“We know he has a lot of demands and little time, and we appreciate the support he provided us.”

Mr Musk ended 2021 as the richest person in the world, with a personal fortune of $273.5 billion, levels only ever achieved by John D Rockefeller, according to the Bloomberg Billionaires Index.

The entrepreneur made it to the top of the index in January 2021 and remained there for most of the year, thanks to Tesla’s rising stock price and its consistent profit growth, as well as the rising value of SpaceX.

He was also named by Time magazine as its Person of the Year last year.

The richest person on earth now hopes to send the first humans to Mars in 2026. SpaceX is building the Starship, the world’s largest rocket, to eventually take humans on deep space missions.