AUSTIN, Texas — The University of Austin (UATX) received a historic $100 million donation from billionaire Jeff Yass under one condition: that the fledgling school doesn’t accept any money from the government.
UATX, founded in 2021, announced the gift in a press release Wednesday. It’s the largest donation the university has received. The school says it will receive half the money now and the other half over the next four years.
The school says the funds from Yass’s donation will be used to keep the school tuition free and “without government funding.”
“We are so thankful to Jeff for this very generous gift,” said UATX President Carlos Carvalho. “Mr. Yass’ generosity launches our $300 million campaign to ensure a future in which higher education is liberated from profligate spending and instead focuses on the true priority of educating students to meet the demands of a dynamic marketplace.”
In a statement to the Texas Tribune, Yass said the only condition of his donation was that “the school never takes government money.”
“Hopefully we can show the world that philanthropists can replace the government in funding schools if we run a tight ship,” Yass said.
Located in downtown Austin, UATX welcomed its inaugural freshman class last fall. It offers a four-year bachelor of arts degree in liberal studies. It describes itself as “a new private, nonprofit, nonsectarian university in Austin, Texas, dedicated to the fearless pursuit of truth.”
In a statement, Yass said: “The gift is intended to kickstart a virtuous cycle: UATX will prepare its students to become the next generation’s leading entrepreneurs, innovators, scientists, and philanthropists. In turn, these successful graduates will support future generations of students, ultimately making UATX tuition-free. This creates unprecedented accountability and alignment of incentives. The university can only achieve financial sustainability if it delivers genuine value to its students. If we fail them, they won’t have the means or motivation to give back, and the model breaks. This interdependency – where the institution’s survival depends entirely on student success – will ensure UATX’s legacy and could revolutionize how we think about higher education.”
Yass has been a prominent backer of school vouchers. According to the Texas Tribune, he donated $10 million to Gov. Greg Abbott over the past two years, with many of the funds going towards unseating Republican House members who opposed vouchers, which passed earlier this year.
According to Forbes, Yass is the co-founder of trading firm Susquehanna International Group and currently holds the title of richest person in Pennsylvania.