Tesla Inc TSLA CEO Elon Musk has decided not to pass down any shares of his companies, including Tesla and SpaceX, to his children. In a recent interview at the Wall Street Journal’s CEO Council, Musk revealed that he has identified successors for his companies, but none of them are his children. He believes that passing companies or voting shares to offspring is a mistake.

I am definitely not of the school of automatically giving my kids some share of the companies ... I think that’s a mistake.

Musk’s refusal to involve his children in his businesses includes well-known son X Æ A-12 and daughter Exa Dark Sideræl, as well as Vivian Jenna Wilson, who distanced herself from Musk recently by changing her name. Musk’s stance reflects a broader trend among some billionaires. Apple’s Steve Jobs and investor Warren Buffett also chose not to pass their fortunes to their children. Buffett, for instance, has pledged most of his wealth to philanthropy, leaving only a small percentage to his kids.

Elon Musk has already named successors for each of his companies in case of unforeseen circumstances. He mentioned that there are specific individuals who have been recommended to take over, and the boards are aware of his choices. However, the issue of who will control his voting shares remains unresolved. One possibility Musk has considered is the creation of an educational institution to manage these shares.

Musk's succession plans have drawn increased attention, especially since his acquisition of Twitter for $44 billion. Tesla investors are concerned that Musk’s involvement in multiple ventures—Tesla, SpaceX, X (formerly Twitter), The Boring Company, Neuralink, and xAI—could be stretching him too thin. Given these myriad responsibilities, the future leadership of Musk’s enterprises is a topic of considerable interest and speculation.