Elon Musk Pledges $100 Million To Open His Own University Despite Criticising College Degrees

Besides already building his own town outside US city, Texas¡¯ capital, Austin, Elon Musk has revealed another big plan associated with the city, for which the world¡¯s richest person has pledged $100 million.

What Is Elon Musk Planning To Do?

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Elon Musk, who moved to Texas a few years ago during the pandemic, is planning to start a university in Austin, according to tax filings for the billionaire¡¯s latest charity, The Foundation. The new institution, seeded with a roughly $100 million gift from Musk, will start with a STEM-focused primary and secondary school. 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, as a Bloomberg report mentioned.

Also Read: Why Elon Musk Planning To Own An Entire Town In The US

Why Has Elon Musk Chosen Texas As The Location?

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The university in Texas¡¯ capital Austin will employ ¡°experienced faculty¡± and feature a traditional curriculum ¡°alongside hands-on learning experience including simulations, case studies, fabrication/design projects and labs,¡± according to the application, which was filed in October 2022 and approved in March. It will seek accreditation from the Southern Association of Colleges and Schools Commission on Colleges.

Home to the University of Texas¡¯ main campus, Austin has become of hotbed of higher-education innovation. The University of Austin, launched two years ago as an alternative to the ¡°illiberalism¡± of traditional US colleges, plans to open in the fall with an initial class of 100 students. The school, backed by prominent people in academia and finance, including the historian Niall Ferguson, former Treasury Secretary Larry Summers, and venture capitalist Joe Lonsdale, has raised about $200 million in private donations, as per a Bloomberg report.

Who All Is Involved In Elon Musk¡¯s Foundation?

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Elon Musk¡¯s new STEM school has reportedly been expecting an initial class of 50 students and looking to hire an executive director, teacher and administrator, according to the application. The Foundation¡¯s trustees include Jared Birchall, head of Musk¡¯s family office; Steven Chidester, a tax attorney at Withersworldwide; and Ronald Gong and Teresa Holland, who work at Catalyst Family Office in California.

The world's richest person had also sold and sent $2.2 billion worth of Tesla stock to his Musk Foundation in 2022. Along with donating nearly $100 million to seed his newest charity, it also made gifts to disaster relief nonprofit World Central Kitchen, Khan Academy, and a donor-advised fund at Fidelity Charitable, according to its most recent tax forms.

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