Elon Musk’s intention to create an institution of higher learning in Austin, Texas, has been made public by tax records that Bloomberg has acquired.
Musk moved to Texas, popularly known as The Lone Star State, during the COVID-19 pandemic.
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“The new institution, seeded with a roughly $100 million gift from Musk, will start with a STEM-focused primary and secondary school,” Bloomberg reports.
“Once that’s operating, it ‘intends ultimately to expand its operations to create a university dedicated to education at the highest levels,’ according to an application to the Internal Revenue Service for tax-exempt status obtained by Bloomberg,” the outlet added.
According to Bloomberg:
The university employs knowledgeable instructors and offers a curriculum that blends classroom instruction with real-world experience in an effort to provide a comprehensive education. Case studies, fabrication/design projects, simulations, and practical lab work are all included in this. The university filed its application in October 2022, and it was accepted in March. The institution intends to apply for accreditation from the Commission on Colleges of the Southern Association of Colleges and Schools.
Regarding our request for comment, we have not heard back from Musk’s proxies.
The 52-year-old visionary behind SpaceX and Tesla Inc., Elon Musk, has a track record of founding schools and voicing his ambition to establish a university. Ad Astra is one such school that was founded approximately ten years ago on SpaceX’s California campus. The school was originally planned for the children of Elon Musk and a limited group of employees, but Musk moved it to Texas in 2020.
Added TIME:
According to the application, Musk’s new STEM school was looking for an executive director, teacher, and administrator. It was expecting to enroll 50 students for its first class. The decision-making process involved the Foundation’s trustees, Ronald Gong and Teresa Holland from Catalyst Family Office in California, Steven Chidester from Withersworldwide tax attorney firm, and Jared Birchall from Musk’s family office.
The billionaire kindly gave his Musk Foundation $2.2 billion worth of Tesla stock in 2022. Apart from this noteworthy contribution, he also sows the seeds of his latest charity with a nearly $100 million donation. The Fidelity Charitable donor advised fund, Khan Academy, the nonprofit World Central Kitchen, and other worthwhile causes received additional support from the Musk Foundation. The foundation’s most recent tax returns contain documentation of this information.
The world’s richest man, Elon Musk, with an estimated net worth of $220.8 billion (according to the Bloomberg Billionaires Index), is currently developing his own town outside of Austin. This town will have a variety of recreational opportunities, an educational facility, and reasonably priced housing reserved for Tesla, SpaceX, and the Boring Co. employees. This large-scale project, which includes many acres of land that Musk has recently purchased, is presently pending approval.
