Tesla and SpaceX CEO Elon Musk plans to fund the construction of a university in Austin, Texas, according to tax documents obtained by Bloomberg. It is reported that 100 million dollars will be allocated to the educational institution. It is also reported that the educational institution will focus on high-level education.
According to the application seeking tax-exempt status, the organization plans to open a 50-person STEM-focused elementary and middle school before college; this school will be "dedicated to the highest level of education".
The application for the school says the university will hire "experienced faculty" and have a traditional curriculum supported by hands-on learning experiences including "simulations, case studies, manufacturing/design projects and labs."
According to Bloomberg, the university will be funded by tuition and donations from the Foundation, a charitable foundation in which Musk invested $2.2 billion in Tesla shares last year. However, the application states that the school may charge fees and offer need-based scholarships. While it is stated that merit will be given importance in the selection of students, it is emphasized that Musk's total donations to charity reached 410 million dollars.
