Zinger Key Points
- Elon Musk has moved himself and Tesla from California to Texas in recent years.
- Along with having businesses in Texas, Musk has looked at building residential housing developments and creating a university.
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Known best as the CEO and investor in several of the top companies around the world, Elon Musk is also the richest person in the world.
A new title could be added the growing list of Chairman, CEO and founder roles served by Musk according to a new report.
What Happened: Billionaire Musk moved from California to Texas in 2020 and his electric vehicle company Tesla Inc TSLA followed with a headquarters move from California to Texas in 2021.
Musk could be looking to grow to his offerings in Texas with a Bloomberg report saying he is planning to fund a new university in the city of Austin.
The report cites tax filings for charity The Foundation led by Musk.
A $100 million gift from Musk could kick things off for the school. According to the report, the new university will start with a STEM-focused primary and secondary school.
STEM is the acronym for science, technology, engineering and mathematics.
An application for tax-exempt status to the Internal Revenue Service obtained by Bloomberg revealed that after the primary and secondary school, the plan is to "create a university dedicated to education at the highest levels."
The new university would offer "experienced faculty" leading a traditional curriculum along with hands-on learning according to the application.
Bloomberg said the application was filed in October 2022 and approved in March 2023. The university will also seek to be accredited by the Southern Association of Colleges and Schools Commission on Colleges.
Musk started the Ad Astra school previously, which was where his children and children of several SpaceX employees previously attended.
The world's richest person sent $2.2 billion in Tesla shares to The Musk Foundation in 2022 to help fund various donations.
Related Link: 52 Facts And Figures About Elon Musk
Why It's Important: The state of Texas is an important one for Musk as it is the home of Tesla, The Boring Company and a launch site for SpaceX.
Benzinga previously reported that Musk was working on creating housing through a residential area in Texas that could provide options for employees of his companies.
With the latest report, the state of Texas could soon have businesses owned by Musk along with housing and school options potentially for employees and their kids.
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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