‘It’s a Mistake!’ Why Elon Musk Will Not be Leaving His Companies to His Children
Elon Musk, the 51-year-old billionaire and founder of companies like SpaceX and Tesla, has made it clear that he will not be giving control of his companies to his children.
Despite being one of the wealthiest individuals in the world, with an estimated net worth of $188 billion, Musk believes it would be a mistake to automatically pass on shares of his companies to his 10 children from various relationships.
During an interview with The Wall Street Journal’s CEO Council, Musk stated that he does not subscribe to the idea of simply handing over shares to his children, especially if they have no interest, inclination, or ability to manage the companies. He emphasized that he believes it would be a misguided approach.
While Musk did not elaborate on the specifics, he hinted that there are certain individuals whom he has recommended to take over if anything were to happen to him unexpectedly. These individuals have been identified to the board, and Musk wants them to assume control in such a scenario.
Musk’s recent decision to step down as CEO of Twitter, a social networking site he acquired in a $44 billion deal, also garnered attention. He announced on Twitter that he had hired a new CEO, a woman named Linda Yaccarino, who would be starting in approximately six weeks.
Musk’s role will transition to executive chair and Chief Technology Officer (CTO), where he will oversee product development, software, and system operations.
Elon Musk’s stance on not automatically passing on his companies to his children reflects his belief in ensuring capable and interested individuals are in control.
It demonstrates his intention to make well-considered decisions regarding the future of his businesses and the individuals who will lead them in his absence.
