Sunday, May 28, 2023

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

Elon_Musk_Royal_Society_(crop2)Elon Musk recently announced that he would not hand his companies over to his children if he were to become indisposed. Instead, he has identified people who would take over his companies. Musk has nine children, the oldest of which is 19 years old. 

“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.”

Musk has already alerted board members at his five companies of his succession plans. Furthermore, while executive control is a concern, he is more concerned over who will control his shares. As a result, he has wrestled with various options, such as an educational institution that would control his voting shares.

For more information see Grace Kay “Elon Musk says he doesn’t plan to give his kids control of his companies” Yahoo! News, May 23, 2023.

Special thanks to David S. Luber (Florida Probate Attorney) for bringing this article to my attention.

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