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Elon Musk will not give his children control of his businesses. The 51-year-old business magnate has a reported net worth of $188 billion thanks to his companies SpaceX and Tesla, but he has stated that he is “not in the school” of leaving everything to any of his 10 children from various relationships.
Speaking in an interview with The Wall Street Journal’s CEO Council, he said: “I am definitely not of the school of automatically giving my kids some shares of the companies, even if they have no interest or inclination or ability to manage the company. I think it’s a mistake.”
Musk went on to hint that there are some “particular individuals” he recommended taking over if something were to happen to him unexpectedly but did not say if these individuals would gain control in the event of his death.
He said: “There are particular individuals identified that I’ve told the board look, ‘If something happens to me unexpectedly, this is my recommendation for taking over.’ So in all cases, the board is aware of my recommendation.”
Musk announced earlier this month that he was ready to step down as CEO of social networking site Twitter, just months after purchasing the website in a $44 billion deal, and that his shoes will now be replaced by an anonymous female, later confirmed to be Linda Yaccarino.
He tweeted: “Excited to announce that I’ve hired a new CEO for X/Twitter. She will be starting in ~6 weeks! My role will transition to being exec chair + CTO, overseeing product, software + sysops
