Elon Musk‘s associates intend to use a nearly $100 million donation from the billionaire to help establish a new elementary, secondary, and eventually university in Austin, Texas, according to tax documents.
The move might indicate that Musk wants to further build his empire of influence beyond X, the enormous communication platform he currently oversees, the numerous other businesses he owns and manages, his investments in the development of artificial intelligence, and his interactions with international leaders.
In an application to the Internal Revenue Service last year seeking tax-exempt status, members of Musk’s inner circle—including Jared Birchall, who oversees Musk’s family office—are listed as leaders of The Foundation, a new school aiming to teach “STEM subjects and other topics.” Birchall serves as a director of the Musk Foundation, Musk’s own charitable organisation. (Many of the richest people on the planet use family offices as a source of investment guidance.)
The IRS document, dated October 2022, was acquired by Bloomberg and made available to the public. On Wednesday, Bloomberg broke the story about the school’s plans.
Nonetheless, the IRS acknowledged The Foundation’s tax-exempt status in March in a letter that was made available to the public on the IRS website. The employer identification number was the same in the IRS letter and the filing that Bloomberg posted.
“The School is being designed to meet the educational needs of those with proven academic and scientific potential, who will thrive in a rigorous, project based curriculum,” the filing posted by Bloomberg states.
According to the filing, the school intends to enrol roughly 50 students initially and expand over time. Although it states that scholarships will be provided to students who otherwise could not afford to attend, the school expects to be funded by tuition fees and donations.
The document also stated that the organisation was hiring administrative and teaching staff members, as well as an executive director, and that it would eventually like to apply for accreditation from the Commission on Colleges of the Southern Association of Colleges and Schools.
“The School intends ultimately to expand its operations to create a university dedicated to education at the highest levels,” according to the filing.
CNN
