• Elon Musk reiterated that he will not be handing control of his multi-billion dollar companies over to his children
  • Musk said he has already identified and selected particular people to take over if something happened to him
  • The United State billionaire stepped down as the CEO of Twitter and will now take on a supervisory role

World’s richest man, Elon Musk, has revealed that he plans to allow his children to fend for themselves rather than give them riches without effort.

Tesla CEO Elon Musk (R) gives a plaque to a child as buyers receive new cars during the Tesla China-made Model 3 Delivery Ceremony in Shanghai. Photo: China OUT. Source: Getty Images

Tesla CEO Elon Musk (R) gives a plaque to a child as buyers receive new cars during the Tesla China-made Model 3 Delivery Ceremony in Shanghai. 

Tesla and SpaceX CEO said he is not in the school of thought of leaving everything to his kids and would not hand them share to his companies.

Elon Musk’s inheritance plans

According to IOL, SpaceX and Tesla help helped Musk rake in $188 billion (KSh 26.4 trillion) in wealth.

The South African-born business magnate revealed plans of who to take over the mult-billion dollar empire and not his 10 children.

“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 that’s a mistake,” said Musk according to NDTV.

The tech entrepreneur identified particular people to take over control of the companies, and the board is aware of his recommendation.

“Succession” is one of the “toughest age-old problems. It’s plagued countries, kings and CEOs since the dawn of history.

“There is no obvious solution. I mean there are particular individuals identified as, that I have told the board, look, if something happens to me unexpectedly, this is my recommendation for taking over.”

This followed his recent moves to step down from the CEO role at Twitter, hiring Linda Yaccarino, an advertising guru, to lead the social media company.

Musk regains the world’s richest man title

The Twitter boss reclaimed the number one spot as the wealthiest man in the world from Bernard Arnault.

Musk earned about $1 billion (KSh 138.6 billion), surpassing Arnault, who lost nearly $5 billion (KSh 693 billion) on Wednesday, May 31, 2023.

This is after Tesla shared soared to trade at about $203.93 (KSh 28,265) in May 2023.