Wealth
Elon Musk considers establishing his own educational institution.
According to reports, Elon Musk reportedly plans to open an educational institution in Texas and has allegedly set aside $100 million for this purpose.
Elon Musk, the visionary CEO of companies like Tesla and SpaceX, is possibly planning to build his own educational institution in Texas. According to a report by the renowned financial news agency "Bloomberg," Musk has already allocated $100 million for this project. The university is planned to be located in the Texan city of Austin and will focus on the so-called STEM subjects - Science, Technology, Engineering, and Mathematics.
In tax documents referenced by "Bloomberg," there is mention of a primary and secondary school with an initial class of 50 students. The educational institution is supposed to be staffed with experienced teachers and follow a traditional curriculum. However, this curriculum is meant to be supplemented with practical learning such as simulations, case studies, and laboratory work.
The university should be funded through tuition fees and donations, and could also receive support from Musk's charitable organization, "The Foundation," in which he invested $2.2 billion worth of Tesla stocks last year.
The educational institution aims, according to the documents, to be tuition-free and to select students based on their performance. Additionally, it is emphasized that there is no guarantee for the admission of foundation council members, government officials, or their family members. Musk himself has not yet commented on these plans.
The billionaire is known for his generous charity actions. According to estimates by the US magazine "Forbes", he has already donated over 400 million dollars to charitable causes.
Furthermore, he has in the past transferred Tesla shares to charitable organizations to a considerable extent - possibly also for tax reasons, as these donations are exempt from capital gains tax. The possible establishment of his own educational institution would be another step for Musk to utilize his wealth for charitable purposes. However, an official confirmation or further details regarding this plan are currently lacking. Nevertheless, analysts already see a potential tax advantage if Musk were to contribute his shares to the educational institution.
