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23 May, 2023

Musk details succession plans

Interview0 Comments

In an interview with the Wall Street Journal, Musk discusses his succession plans, including potential successors, how to handle ownership control of his companies, his plan for an educational institution to control his shares, and how he will not automatically give his children shares in his companies:

Succession is one of the toughest, age-old problems. It’s plagued countries, kings, prime ministers, presidents and CEOs, since the dawn of history. There is no obvious solution.

There are particular individuals that I’ve told the board,  ‘Look, if something happens to me unexpectedly, this is my recommendation for who should take over.’ The board is aware who my recommendation is. It’s up to them of course.

I want to make sure the stewardship ultimately accrues the benefit of humanity. We’re not always successful in that, but that is aspirationally our goal. I have one idea that is partly in place, which is to create an education institution that would control most of my vote.

I am 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 companies. I think that would be a mistake. It’s a very hard problem to solve.

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