Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Elon Musk says he doesn't plan to give his kids control of his companies

Elon Musk says he doesn't plan to give his kids control of his companies

Elon Musk is bucking a billionaire trend. He says he doesn't plan to hand over his companies, which include Tesla, Twitter, and SpaceX, to his kids.
Elon Musk says he doesn't plan to hand over his companies to his kids any time soon.

The billionaire said during an interview at The Wall Street Journal's CEO Council that he's identified people who could take over his companies if he became indisposed. But, he said he thinks that it's wrong for executives to hand over their companies or voting shares to their children.

"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. "I think that's a mistake."

The Tesla CEO did not respond to a request for comment from Insider ahead of publication.

Musk has nine known children, the oldest of which is 19 years old. The billionaire is often seen touting his 3-year-old son, X AE A-XII, to events and even gave his son his own Twitter badge. Baby X's mother, Grimes, has said Musk sees him as a "protégé."

But, Musk is not close with all of his children. Last year, his oldest child applied to have her name changed, telling Reuters she no longer wished to be "related to my biological father in any way, shape or form."

The question of whether to bring children into their empire is a longtime debate amongst billionaires. Some entrepreneurs like Apple's Steve Jobs didn't plan to pass their fortune onto their kids.

Though many billionaires, of course, choose to bring their family into the fold. Some of the richest men in the world — from Bernard Arnault to Rupert Murdoch — have handed over pieces of their empire to their children and launched Succession-style battles within their families.

Musk, who owns five companies, said "succession is one of the toughest age-old problems," but said he's told board members at his companies which people he would like to succeed him in his executive roles. Musk serves as Tesla's CEO, as well as chief technology officer at Twitter.

"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,'" Musk said. "So in all cases, the board is aware of who my recommendation."

The billionaire said he's much more concerned about who would take over the shares he owns in his companies — an issue Musk said he's been "wrestling with." His initial idea is to create a "sort of educational institution" that would control his voting shares.

Earlier this month, Musk dispelled rumors that he was looking for a new CEO to replace him as Tesla CEO at the company's annual meeting. Musk's comments came after The Wall Street Journal had reported Tesla's CFO Zach Kirkhorn could be Musk's successor.

Last year, Tesla board member James Murdoch — one of Rupert's sons — said during a trial for a lawsuit against Musk and Tesla that the billionaire had identified a potential new CEO for Tesla, but did not comment on who the individual could be. Earlier this year, several news outlets speculated that the carmaker's chief in China, Tom Zhu, could be Musk's successor after he took over leadership of Tesla's US assembly plants and sales in both North America and Europe in January, according to a report from Reuters.

Musk's succession plan for his companies, particularly Tesla, has entered the spotlight since he took Twitter private in October. Musk's preoccupation with Twitter spurred concerns from several investors that worried he'd grown distracted. Most recently, several Tesla investors sent an open letter to company board members calling for the billionaire to be reined in.

Still, concerns over Musk's succession plan appear to have died down in the weeks since he selected a new CEO to run Twitter. At the time, Wedbush tech analyst Dan Ives said in a note that Musk would finally have time to focus on his "golden child" companies.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
European Union Proposes Reforms to 1951 Refugee Convention
China's Humanoid Robots Poised to Transform Everyday Life and Spiritual Functions
Putin Resurrects Soviet-Era Intervision Song Contest with Fresh Allies
Ten Killed in Mass Shooting at Örebro Adult Education Center
China Retaliates with Tariffs and Investigations Following New U.S. Duties
Alice Weidel, the leader of the AfD, bolsters her international profile by meeting with Viktor Orban.
EU Leaders Convene to Address Defense Strategy in Light of Increasing U.S. Tensions
EU Leaders Convene Key Summit on Defense in Response to Increasing Tensions
Trump Directs Establishment of U.S. Sovereign Wealth Fund, Considers TikTok Purchase
Britain Considers U.S. Gas Imports in Light of Potential Trump Tariffs
French Prime Minister Bayrou Confronts Several No-Confidence Votes Regarding the 2025 Budget
Trump Pursues Ukraine's Rare Earth Minerals in Exchange for U.S. Military Assistance
Trump Wins Again as Canada Agrees to Strengthen Border Security
Trump Seeks Rare Minerals from Ukraine in Exchange for U.S. Support
EU leaders concur on increasing defense expenditure in response to escalating security threats.
Nearly 96% of New Cars Registered in Norway in January Were Electric
Bart De Wever Appointed Belgium's New Prime Minister
Apple Abandons AR Glasses Project Amid Struggles with Technology and Market Demand
U.S. Clinical Trial Investigates Medication to Prolong Dogs' Lifespan
Berlin Protests Against Immigration Crackdown
Apple Surpasses Revenue and Earnings Expectations, But iPhone Sales Disappoint
Bill Gates Reflects on Past Mistakes and Acknowledges Yuval Noah Harari's Insight
TikTok Shapes the Future of Mobile Gaming with Viral Trends
Swedish Prime Minister Admits Loss of Control Over Surge in Violence and Explosions
Patriotism Misrepresented: Merz’s Migration Bill Defeat Exposes Ideological War Fueling Europe’s Instability
Trump Administration Advocates Ukrainian Elections to Promote the Democratic Process Needed to Oppose the War Zelenskiy Supports and Profits From
The Swift Impact: Travis Kelce and Taylor Swift's Relationship Boosts Football's Global Appeal
New Zealand Grants Legal Personhood to Mount Taranaki
Global Semiconductor Industry Faces Persistent Challenges Amid Efforts to Boost Production
Trump Interest in Buying Greenland 'Not a Joke,' Says Marco Rubio
Karoline Leavitt: The Youngest and Probably the Sharpest White House Press Secretary
Germany Passes Motion to Tighten Migration Rules Amid Concerns Over Public Safety and Losing Germany’s Cultural Identity
This is the most important clip you’ll see today.
The 'Chinese Pearl Harbor' on U.S. Tech: DeepSeek's Launch Triggers Market Collapse
Germany’s Democracy Under Strain: Political Labeling Sparks Free Speech Concerns
The Trump Era 2: A Time of Dramatic and Profound Change
BlackRock CEO Larry Fink Suggests Bitcoin Could Reach $700,000 with Increased Institutional Investment
Leaked Documents Reveal Google's Collaboration with Israeli Defense Forces During Gaza Conflict
Trump to Announce $500 Billion AI Infrastructure Investment
Olaf Scholz vs. Elon Musk: A Dispute Over Common Sense, Which Scholz is Deemed to Lack
EU’s Overregulation Drives Innovation Collapse and Brain Drain
Hungarian PM Viktor Orbán: Now it's our moment to shine! It's our opportunity to take over Brussels!
Trump Initiates U.S. Withdrawal from WHO, Citing Concerns Over Organizational Integrity
Trump Just Revoked Security Clearance for the 51 Intel Agents Who Lied About Hunter Biden's Laptop
Five Billionaires on Track to Break One Trillion Dollar Wealth Barrier
Bill Ackman Praises Social Media Platform X as 'The New Media'
Italian Prime Minister Giorgia Meloni Proposes Rome as European Union Capital
France Urges EU to Act on Musk's Political Influence as Tensions Rise
Controversial Release Culminates in Severe Budapest Collision: The Freeing of a Convicted Human Trafficker
Rising Concerns: The Impact of Synthetic Chemicals on Global Child Health
×