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Elon Musk, who moved to Texas during the pandemic, is planning to start a university in Austin, according to tax filings for the billionaire’s latest charity called 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 obtained by Bloomberg.
The university 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.
Musk’s new STEM school was 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 billionaire 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.
Musk, the world’s richest person with a net worth of $220.8 billion.
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