Elon Musk to start his own school as public loses faith in education

MIT could have a new competitor on the horizon.

On Wednesday, news broke that SpaceX and Tesla CEO Elon Musk is planning to build a new science and technology university in Austin, Texas.

Good!

It s about time that new institutions apply some much-needed market pressure to the monopolistic mess that is modern higher education.

According to tax filings obtained by Bloomberg, Musk has already committed $100 million to the project via his charity, The Foundation.

His plan, which was approved by the IRS for tax-exempt status in March, is to establish a primary and secondary school first, then to break ground on a university dedicated to education at the highest levels.

The filing reveals Musk intends to admit students based on merit and to offer financial aid.

via nypost.com

Go Elon go. This is great news, especially the “based on merit” part.