Topline
Tesla and SpaceX CEO Elon Musk is planning to set up a university in Austin, Texas, at a cost of $100 million funded by the world’s wealthiest person, reports, detailing that the creation of the educational institution is on its way based on the tax filings obtained by Bloomberg.
Musk has donated an estimated $410 million to charity over his lifetime. (Photo by CARINA JOHANSEN/NTB/AFP … [+] via Getty Images)
NTB/AFP via Getty Images
Key Facts
The organization aims to start with a STEM-focused primary and secondary school comprising of 50 students, preceding the university, which will concentrate on education at the higher level, and will gravitate towards accreditation from the Southern Association of Colleges and Schools Commission on Colleges in Georgia, the filing specified. The institution is seeking tax-exempt status.
While details about the institution remain in shadow, the filing mentioned that the university will have “experienced faculty” offering a traditional curriculum coupled with hands-on learning experiences involving “simulations, case studies, fabrication/design projects and labs.”
The funding for the university is projected through tuition and contributions, presumably from Musk’s charity, The Foundation. Bloomberg reported, Musk contributed $2.2 billion worth of Tesla stock into The Foundation last year. Although the filing indicated that the school “intends to be tuition-free.” Tuition fees and need-based scholarships might be offered.
Admission into the school will be based on merit, the filing highlighted, mentioning that the school will not be offering admission assurance to foundation trustees, officers, employees or their family members.
Forbes’ questions directed to Musk’s representatives have still not received any response.
Big Number
$410 million. That’s how much money Forbes estimates Musk has given to charity during his lifetime. The figure excludes amounts still sitting in his foundation, which received $7.9 billion of his Tesla stock from 2021-2022, and amounts sent to donor advised funds for which the end recipients are unknown.
Forbes Valuation
We estimate Musk’s net worth at $243.5 billion, making him the wealthiest person in the world.
Key Background
As per Bloomberg, the last educational institution set up by Musk was a school in California specifically made for his five kids and the children of selected SpaceX employees. The school has been relocated to Texas since then. Musk has huge plans ahead for Snailbrook, a new community planned outside Austin, Texas. Planned facilities for this community include a school, recreational facilities, and subsidized housing for employees of his companies, Tesla, SpaceX, and Boring Company. Reportedly, Musk has around 6,000 acres in the Austin area, as mentioned in the Wall Street Journal. Musk’s internal conversations with Boring employees revealed grand plans of an entire city getting constructed. Snailbrook has been under construction for over six months now and the authorization from a county judge shall be required before it can incorporate the first 201 residents as per the Journal.
Further Reading
Elon Musk Is Planning a New University in Austin (Bloomberg)
Elon Musk Is Planning a Texas Utopia—His Own Town (WSJ)
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