Elon Musk Plans To Launch His Own University, Pledges $100 Million: Report

World's richest man Elon Musk is planning to build a school and eventually a university in Texas, according to a report in Forbes. The report is based on tax filings that reveal Mr Musk has donated $100 million to a charity that plans to launch a school. The program will be "focused on teaching in STEM subjects" and plans for an initial enrolment of about 50 students, according to the filing posted online by Bloomberg. The class will be "dedicated to education at the highest levels", the document further showed.

The charity named The Foundation will seek accreditation from the Georgia-based Southern Association of Colleges and Schools Commission on Colleges and sought tax-exempt status, the Forbes report further said.

It doesn't provide details about the school, but university will employ "experienced faculty" and have a traditional curriculum backed by hands-on learning experiences including "simulations, case studies, fabrication/design projects and labs."

Mr Musk dumped $2.2 billion worth of Tesla stock into the charity last year. The proposed school will be funded through tuition and donations and offer need-based scholarships.

The criteria for student selection will be merit, according to the tax filing. It specifies that the school doesn't guarantee admission to foundation trustees, officers, employees or their family members.

Mr Musk or his representatives have not responded to these reports.

Forbes said Mr Musk's net worth is $243.5 billion.

He earlier showed interest in launching a school and even started a small private school called Ad Astra for his five children and that of some SpaceX employees in 2014.

Mr Musk had clarified in 2015 that Ad Astra doesn't have any grades and focuses on "aptitudes and abilities" instead.

The tech billionaire has also shown interest in starting a new community called Snailbrook near Austin, one that will feature a school, recreational facilities and subsidised housing for employees of Tesla, SpaceX and the Boring Company.

The Wall Street Journal said in a report earlier this year that Mr Musk owns around 6,000 acres in the Austin area. The outlet further said that Snailbrook is under construction and will need at least 201 residents before it can apply to incorporate, noting a final approval will be needed from a county judge.