Elon Musk filed a Form 4 with the Securities Exchange Commission, converting his options at Endeavor Group Holdings, Inc. to 7,583 shares on June 13, 2022.
Endeavor Group Holdings, Inc. offers entertainment content through its subsidiaries. It specializes in marketing and licensing, representations, and event management.
Elon Musk is part of Endeavor’s board. However, Musk notified the company that he would be resigning from its board by June 30, 2022, explaining his recent Form 4 filing.
“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,” stated a SEC filing earlier this year. It also revealed that Musk’s exit “was not the result of any disagreement with the Company on any matter relating to its operations, policies or practices.”
Endeavor is listed as a company in the media industry in the communications sector. Musk’s exit from Endeavor seems timely as he finalizes his $44 billion Twitter buyout. The social media platform seems to align more with the Tesla CEO’s plans regarding media.
Elon Musk will participate in an all hands virtual meeting with Twitter employees this Thursday, June 16. He will be answering questions from Twitter workers.
The Tesla CEO previously updated a SEC filing regarding his Twitter buyout. He stated that the Twitter deal would be “temporarily on hold” until the social media company could provide data on its spam and fake accounts. However, recent reports suggest that Elon Musk will reiterate his desire to own Twitter during his June 16 meeting with the company’s workers.