Elon Musk is building his own 'tuition-free' university with $100 million

Tesla and SpaceX CEO Elon Musk is planning to fund the construction of a university in Austin, Texas, according to tax filings obtained by Bloomberg.

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The upcoming educational institution has been gifted $100 million of seed money and, per the tax filing, will concentrate efforts on STEM programs in both primary and secondary school.

The organization behind the project is currently seeking accreditation from the Georgia-based Southern Association of Colleges and Schools Commission on Colleges, explaining that the new university will employ "experienced faculty" and include a traditional curriculum that is backed by learning experiences through "simulations, case studies, fabrication/design projects, and labs."

It's expected that the new university will continue to get funding through Musk's charity called The Foundation, which he put $2.2 billion worth of Tesla stock into last year. Bloomberg reports that the new university "intends to be tuition-free," but may charge tuition and offer need-based scholarships. The filing states that students will be selected on merit, and the university doesn't "guarantee admission to foundation trustees, officers, employees or their family members," per Forbes.