Elon Musk with some of his kids. Images via Twitter @sundeepozarde @elonmusk.
Elon Musk will not be leaving his 10 kids any of his billions
Billionaire Elon Musk says it would be a mistake to automatically hand over his company shares to his ten children.
Elon Musk with some of his kids. Images via Twitter @sundeepozarde @elonmusk.
Tesla and SpaceX founder Elon Musk is one of many celebrities of shared their thoughts about passing on their wealth to their children. According to Musk who already has 10 of his own, he is “not in the school” of passing on shares in his companies to children who wouldn’t be able to manage them or have no real interest in running them.
Speaking during a recent sit down with Wall Street Journal’s CEO Council, Musk shared that he already has a plan in place for his businesses should he pass on.
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Elon Musk’s after death plans don’t include leaving his kids billions
A few years ago actor Ashton Kutcher and his actress wife Mila Kunis revealed that they don’t plan on leaving their two kids any of their vast wealth.
Other stars such as Jackie Chan, Gordon Ramsay, Daniel Craig and Bill Gates have all previously shared that they are against funding their children’s lives and it looks like South African-born US based Elon Musk is joining the pack.
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Speaking during a Wall Street Journal interview, Musk revealed that he is not planning on simply leaving his companies SpaceX, Twitter and Tesla to his children.
According to the mogul who is currently worth $188bn, it would be a “mistake” to automatically hand the shares over to them.
“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 it’s a mistake,” he said.
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A plan in place
Musk also added that he already has already discussed some of the steps that should be taken should he lose his life any time soon.
“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.’ So in all cases, the board is aware of my recommendation.”
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