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According to reports from Bloomberg, billionaire Elon Musk has his sights set on his next project: a new elementary and secondary school and eventually a university in Austin, Texas.
Bloomberg first reported that a tax return for Musk's charity, The Foundation, revealed that the Tesla CEO plans to put $100 million into a STEM-focused elementary and secondary school in Austin, Texas.
Once operational, the elementary school “ultimately intends to expand its operations to create a university dedicated to education at the highest level.”
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Tesla and SpaceX CEO Elon Musk gestures during a talks event with British Prime Minister Rishi Sunak at Lancaster House on November 2, 2023 in London, England. (Getty Images/Getty Images)
According to the application, the university will employ “experienced faculty” and feature a traditional curriculum “alongside practical learning experiences including simulations, case studies, manufacturing/design projects and laboratories.”
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The university will also seek accreditation from the Southern Association of Colleges and Schools Commission on Colleges.
The foundation submitted an application for tax exemption to the Internal Revenue Service in October 2022 and received approval in March.
Elon Musk, Chief Executive Officer of SpaceX and Tesla and owner of Twitter, attends the Viva Technology conference on innovation and startups at the Porte de Versailles exhibition center in Paris, France, on June 16, 2023. (Chesnot/Getty Images/Getty Images)
Musk, who moved to Texas during the pandemic, plans to start a school as he recently expanded his presence in Austin.
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In 2021, he moved Tesla headquarters from Palo Alto, California to Austin, Texas, and SpaceX also has a large test facility in McGregor, Texas.