Elon Musk does not support passing wealth on to undeserving children

Twitter CEO Elon Musk does not support the idea of passingwealth on to undeserving children. According to Musk, executives should not transfer their shares to their children if they lack interest or inclination to run the companies. Instead, he believes it's better to hand the reins over to deserving people within the company rather than simply giving shares to children who may not have a strong inclination toward the business. While Elon Musk may have made mistakes in the past, his point of view about empowering capable people instead of heirs makes a lot of sense.

In a recent interview on The Wall Street Journal's CEO Council, the billionaire shared that he has already identified people capable of taking over his companies if he couldn't do it himself. However, he strongly believes that it is not right for executives to just hand over their businesses or vote shares to their children.

"I am definitely 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 company," Musk said. "I think that's a mistake."

Musk have nine children, the eldest being 19 years old. He frequently brings his 3-year-old son, X AE A-XII, to various events and even gave her own special Twitter badge. However, not all children get along with Musk. In fact, his eldest daughter requested a name change, as she no longer wishes to be associated with her father. The daughter identifies as transgender. The 18-year-old said she no longer wished to be "related to my biological father in any way, shape or form."

The 18-year-old expressed her longing to break ties completely with her biological father. In California court, she filed legal documents and cited "gender identity" as another reason for changing her name. Reuters reported that the teenager wants to be officially known as a female and use her new name, which was not disclosed in court documents. Musk is known to be homophobic, once making fun of people who mention he/him on their bio. He has time and again often to people belonging to the LGBTQ community.