Elon Musk not to give his kids the control of his companies?

By Team Newsable | First Published May 24, 2023, 12:22 PM IST

Elon Musk said he's found potential successors for his companies if "something happens to me unexpectedly." The billionaire said he doesn't plan to hand over his companies or voting shares to his kids.

Twitter CEO Elon Musk does not support the idea of passing down wealth to children who are not deserving of it. Musk believes that executives shouldn't give their shares to their kids if they don't have the desire or interest to run the businesses.

Instead of just handing shares to kids who might not have a strong interest in the business, he thinks it is preferable to give over the reins to deserving people within the organisation. Musk may have erred in the past, but his philosophy of delegating authority to skilled people rather than to successors makes a lot of sense.

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The billionaire recently revealed that he has already chosen people who would be able to take over his firms if he were unable to do it himself in an interview. He is certain that bosses should not, however, simply transfer their enterprises or voting stock to their offspring.

"I am definitely not of the school of automatically giving my kids some share of the companies, even if they have no interest or inclination or ability to manage the company," Musk said.

The oldest of Musk's nine children is 19 years old, according to public records. He regularly accompanies his kid, X AE A-XII, who is three years old, to different events and even got him his own unique Twitter badge.

Infact, his oldest daughter requested a name change, as she no longer wishes to associated with her father. The daughter claims herself to be transsexual.According to the 18-year-old, she no longer desired to be "related to my biological father in any way, shape, or form."

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