Elon Musk Says He Doesn’t Plan On Giving His Kids Control of His Companies: ‘That’s a Mistake’

"I am definitely not of the school of automatically giving my kids some shares of the companies," Elon Musk recently revealed

Elon Musk is setting the record straight about his kids’ future.

In an interview with The Wall Street Journal’s CEO Council, the billionaire, 51, shared that he doesn’t plan on handing over the reins to his companies to his growing brood.

“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,” he revealed. “I think that’s a mistake.”

Although he said that he thinks it’s wrong for executives to hand over their companies or voting shares to their children, the Tesla CEO noted that he has identified people who could take over his companies if anything happens to him, Business Insider reported.

Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories. 

Related: Elon Musk's Son X, 2½, Makes Rare Appearance, Playing with Dad at Miami Conference — See Photos!

Musk shares 3-year-old son X Æ A-12 and daughter Exa Dark Sideræl, who goes by Y, 17 months old, with ex Grimes, 35.

He also secretly welcomed twins in November 2021 with Shivon Zilis, the project director at his Neuralink company, and shares 18-year-old twins Vivian Jenna Wilson and Griffin, along with triplets Kai, Damian and Sax, who were born in 2006, with his first wife, Justine Wilson. The two had another son, Nevada, who died at 10 weeks.

Last month, Musk brought son X along as he spoke at the MMA Global Possible Conference in Miami, Florida. The CEO and Grimes often shield their children from the public, however in this rare outing Musk lifted X up and played with him as audiences soaked in the moment.

In April, Grimes (born Claire Boucher) shared new side-by-side photos of her and her toddler daughter on Twitter, with both mom and daughter dressed in red onesies in the photo. The singer sported green tips at the end of her yellow-blonde hair and the toddler donning a similar look in her little tufts of hair.

"Normally we [don't] post her for her privacy, but she's fairly unrecognizable here since she's channeling Goku or smthn," she tweeted as a follow-up to the photo set.

In another tweet, she commented on her toddler's name, writing, "She's Y now, or 'Why?' or just '?'" calling the name "curiosity, the eternal question, .. and such."

Grimes also acknowledged that the change isn't official because the "government won't recognize that."

Grimes first told Vanity Fair that she and Musk welcomed a daughter in December 2021 via surrogate in a cover story for the magazine's April 2022 issue.

At the time, she told the outlet that they plan to have more children too: "We've always wanted at least three or four."

For more People news, make sure to sign up for our newsletter!

Read the original article on People.