Here’s why Elon Musk doesn’t want his kids to take over his businesses

Twitter CEO Elon Musk. PA

Elon Musk, the world’s second richest person and CEO of Tesla, SpaceX, Twitter and other companies, recently shared his views on succession planning and involving his children in his businesses. In a recent statement, Musk expressed his concerns and laid out his vision for the future of his businesses.

In a conversation with the Wall Street Journal (WSJ), Musk has weighed in on his succession plans and expressed his reservations about handing control of his businesses over to his children. Succession planning has long posed a significant challenge for Musk, who has acknowledged that it is always a difficult issue.

Musk also said he thinks giving his kids stock in companies, regardless of their interest or ability to manage them, would be a mistake.

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“I’m certainly not in favor of automatically giving my children a share of businesses, even if they don’t have the interest, inclination or ability to run them. I think that would be a mistake,” he said, according to WSJ.

Instead, Musk proposed the concept of creating an educational institution that would hold voting control of its shares. This approach aims to resolve the complex question of succession and to ensure that capable people are appointed to leadership positions in unforeseen circumstances.

Additionally, Musk said he has already identified potential successors and shared his recommendations with the boards of his companies. “I’ve identified specific people who I’ve said, ‘If something unexpected happens to me, that’s who I recommend taking over’, so either way the board is aware. of my recommendations,” said WSJ.

Musk’s emphasis on meritocracy could also lead to the possibility that his children will not inherit his wealth.

Although he has nine children, including his three-year-old son X AE A-XII, whom he often presents at events, Musk believes the legacy should be based on interest, ability and inclination. rather than just family ties.

With contributions from agencies

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