Elon Musk isn’t just building a town in Texas, a school also seems to be in the works according to tax filings of the billionaire’s charity, The Foundation.
This new project is slated to begin as a science, technology, engineering, and mathematics (STEM)-focused independent primary and secondary school, with plans to later “expand its operations to create a university dedicated to education at the highest levels.” This was discovered through a tax-exempt status application to the Internal Revenue Service first reported by Bloomberg News.
The school will open initial enrolment with 50 students, and, according to the filing that was made in October 2022 and approved in March, is in the process of hiring an executive director, experienced teachers, and an administrator. The school will of course be based in Austin, Musk’s new home after leaving California in 2020.
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The billionaire and currently the world’s wealthiest person has already gifted the school seed money amounting to $100 million. The filing also states that it doesn’t want “the inability to pay tuition or fees to be a barrier for students.” While it didn’t say it would offer free education, it said that tuition and financial support would be provided “to the extent of available resources.”
The school will seek accreditation from the Southern Association of Colleges and Schools Commission on Colleges. It’s unclear if Musk still intends to name his new project the Texas Institute of Technology & Science, or TITS. Because, well, he might just do it.
Information for this story was found via Bloomberg, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
