Since taking control of the microblogging service Twitter in late October, the billionaire Elon Musk has been in the news every day. The second-richest person in the world and CEO of Tesla, SpaceX, and Twitter Elon Musk has expressed his views on succession planning and wishing not to transfer his company’s ownership to his children.
Elon Musk said he does not have any immediate plans to transfer his company’s ownership to his children in an interview with the Wall Street Journal (WSJ).
In the case of his incapacitation, the billionaire claimed he has people in mind who could manage his firms. He thinks it was improper for executives to pass their companies or voting stock to their kids, nevertheless.
“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 that’s a mistake,” he said during the interview.
He also stated that “succession” is one of the “toughest age-old problems”. “It’s plagued countries, kings, and CEOs since the dawn of history. There is no obvious solution. I mean there are particular individuals identified as 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 who my recommendation is. It’s up to them. They may choose to go a different direction, but there is in worst case scenario, this is who should run the company,” he told WSJ.
“The control question is a much tougher question and something that I’m wrestling with and I’m frankly open to ideas because it certainly is true that the companies that I have created and are creating collectively possess immense capability. And so the stewardship of them is incredibly important,” he further noted.
Exa Dark Siderael Musk, also known as Y, is the daughter of Grimes and Elon Musk and has a 4-year-old son named AE A-12. After divorcing in September of last year, the couple has been co-parenting their kids ever since. Additionally, he and Shivon Zilis, the project director of his Neuralink company, had twins in secret in November 2021.
According to People Magazine, he and his previous wife Justine Wilson are parents to 18-year-old twins Vivian Jenna Wilson and Gryphon as well as 2006-born triplets Kai, Damian, and Sax.
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