Saudi Press

Saudi Arabia and the world
Thursday, Jul 03, 2025

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.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Emirates Airline Expands Market Share with New $20 Million Campaign
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
×