Billionaire Musk plans to establish a new university

Bloomberg (USA) on December 15 reported the above information based on tax records from Mr. Musk's charity The Foundation.

Mr. Musk has donated $100 million to The Foundation, which will start by opening a STEM-based elementary school and middle school.

According to The Foundation's filing with the Internal Revenue Service, once it becomes operational, the organization “intends to eventually expand to create a university dedicated to education at the highest level.”

The university will employ experienced faculty and employ a traditional curriculum that incorporates hands-on learning experiences including simulation, research, manufacturing, design and laboratory projects. The school will be accredited by the Southern Association of Colleges and Schools.

Representatives for Mr. Musk did not immediately respond to a request for comment. This is not the first time that Mr. Musk, 52, has opened a school or expressed interest in opening a university.

About a decade ago, Musk set up the Ad Astra school on SpaceX’s California campus for his five children and the children of the company’s employees. When Musk moved to Texas in 2020, the school moved with him.

Austin has become a hotbed of higher education innovation, with the University of Texas at Austin located in the city. Meanwhile, Austin University, founded two years ago, plans to open in the fall with an initial class of 100 students. Austin University is billed as a “liberal” alternative to traditional American universities. The school is backed by prominent figures in academia and finance, including historian Niall Ferguson, former Treasury Secretary Larry Summers and investor Joe Lonsdale. Austin University has received $200 million in private donations.

Musk transferred $2.2 billion worth of Tesla stock to his Musk Foundation in 2022. Musk is the world’s richest person, with a net worth of $220.8 billion, according to Bloomberg. In March, The Wall Street Journal reported that Musk also plans to build a town outside Austin with recreational facilities, schools, and subsidized housing for Tesla and SpaceX employees. If approved, the area would be built on thousands of acres of land that Musk has purchased in recent years.