Elon Musk, CEO of Tesla and SpaceX, expressed his disagreement with the idea of automatically transferring wealth to children who show no interest or cannot run companies.
In his words, he highlighted that he does not support the practice of granting company shares to his children without considering their abilities. Musk believes this approach would be a mistake.
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His vision emphasizes the importance of merit and competence in business management, instead of favoring the inheritance of wealth without clear objectives.
Musk maintains several relationships with each of your 10 children, showing that not everyone has the same degree of proximity to him. The eldest daughter of the billionaire, for example, intends to change her last name, as she wants to keep her distance from her father.
With its many companies, including Tesla and Twitter Inc., Musk is aware of the challenges of estate planning, seeing it as an ongoing issue. He has his preferences discussed with the directors, to show what his preferences are for the succession.
Who are Elon Musk's successors?
Musk stresses the importance of avoiding automatically passing shares to children who don't show genuine interest or essential management skills.
Instead, he suggests that executives consider a merit-based approach, promoting individuals within the organization who have demonstrated that they are worthy of leadership responsibility.
Musk believes that it is more tolerable for companies to trust people who are passionate about the business and capable of manage it efficiently, instead of simply relying on the inheritance as an heir to assume positions of leadership.
In an interview with the CEOs of The Wall Street Journal, the billionaire and owner of Twitter highlighted the importance of identifying successors to his companies when necessary, who would be competent people to manage in the absence of leaders.
He expressed his strong opposition to the practice of executives transferring their businesses or voting shares to their children without regard to their preferences.
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