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- Elon Musk has said that he has found successors to his companies in the event "something unexpected happens" to him.
- The billionaire has said that he does not plan to give his voting shares or companies to his children.
- Musk denied rumors that he was going to bring in a Tesla CEO earlier this month.
Elon Musk has said that he does not plan to give his companies to his children any time soon.
The billionaire told The Wall Street Journal CEO Council in an interview that he has identified people who can take over his businesses if he becomes unable to do so. He said that he believes it is wrong for executives who give their voting shares or companies to their children.
Musk stated, "I'm not a fan of giving my children a share in the company even if they don't have any interest, inclination or capability to manage it." "I don't think that was a good idea."
Tesla's CEO didn't respond to an Insider request for a comment before publication.
Musk is known to have nine children. The oldest is 19. The billionaire often takes his 3-year old son, X A E A-XII to events, and has even given him his own Twitter badge. Baby X’s mother, Grimes has stated that Musk views him as a “protege.”
Musk does not have a close relationship with his entire family. Musk's oldest child changed her name last year after telling Reuters that she did not want to be related to him in any shape or form.
Billionaires have long debated whether or not to include their children in their empire. Steve Jobs, the Apple CEO, didn't intend to pass his fortune on to his children.
Many billionaires choose to include their families in the business. Many of the world's richest men — from Bernard Arnault and Rupert Murdoch to Bill Gates — have given their children pieces of their empire and started Succession-style fights within their family.
Musk, who is the owner of five companies, has said that "succession" is a difficult problem. He said, however, that he had told his board members which individuals he wanted to succeed him as executive positions. Musk is Tesla's CEO and chief technology officer of Twitter.
Musk stated that he had identified certain individuals to whom he told the board, "If I were to die unexpectedly, these are my recommendations for taking over." "So, in every case, the board knows who my recommendation is."
Musk has been "wrestling" with the issue of who will take over his shares in his companies. Musk's initial plan was to create "a sort of educational institution" which would have control over his voting shares.
Musk denied rumors earlier this month that he had been looking for a replacement CEO to take over as Tesla CEO. This was at the annual meeting of the company. Musk made his comments after The Wall Street Journal reported that Tesla's CFO Zach Kirkhorn might be Musk's replacement.
James Murdoch, a Tesla board member and one of Rupert Murdoch's sons, said last year that Musk had identified a possible new Tesla CEO, but did no comment on the person. Reuters reported that several media outlets believed Tom Zhu was Musk's likely successor. He had taken over the leadership of Tesla's US Assembly Plants and Sales in North America and Europe after taking charge in January.
Since he bought Twitter in October, Musk's succession plans for his companies have been brought to the forefront. Musk's obsession with Twitter prompted investors to worry that he had become distracted. Recently, a number of Tesla investors wrote an open letter to the company's board asking that Musk be reined-in.
Concerns about Musk's successor plan have reportedly subsided in the weeks following his selection of a new Twitter CEO. Dan Ives, a Wedbush Tech analyst at the time, said that Musk could now focus on his "golden children" companies.
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By: gkay@insider.com (Grace Kay)
Title: Elon Musk says he doesn’t plan to give his kids control of his companies
Sourced From: www.businessinsider.com/elon-musk-doesnt-plan-to-give-companies-to-kids-2023-5
Published Date: Tue, 23 May 2023 21:35:49 +0000
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