Americas new anti-woke university raises $200 million from billionaires frustrated with elite Ivy League schools

Frustrated with what they see as the ideological tilt and diminishing debate at elite colleges, some of Americas wealthiest individuals are rallying behind a new university in Texas. 

The University of Austin (UATX) is a small but ambitious startup founded just three years ago in November 2021 and boasting a small inaugural class of just 92 students.

The school has already raised $200 million in donations from several billionaires and high-profile figures including real-estate developer and GOP donor Harlan Crow and trader Jeff Yass who made a substantial $35 million contribution, according to The Wall Street Journal.

The fledgling school aims to counter what its backers see as rejecting Western values and lacking ideological diversity at traditional universities.

UATXs mission is bold: to foster open debate, academic freedom, and a fearless pursuit of truth, while blending classical education with entrepreneurial spirit. 

The University of Austin (UATX), is a small but ambitious startup having been founded just three years ago in November 2021 and boasting a small inaugural class of just 92 students

The fledgling school aims to counter what its backers see as a rejection of Western values and a lack of ideological diversity at traditional universities

Crow was also among the first to support the initiative. 

Much of higher [education] today seems to want to reject Western accomplishments and the accomplishments of Western civilizations in their entirety, Crow said to WSJ. Many people think thats a bad idea. 

Crow says he sees UATX as a haven for fostering ideological diversity, a value he believes is underrepresented at many elite universities.

 Crow and his wife Kathy have been actively supporting the school, hosting events at their Dallas home and offering space in his office park for UATXs summer program, aptly named Forbidden Courses.

His involvement comes despite the controversy surrounding Crows past ties to Supreme Court Justice Clarence Thomas, though he insists they never discussed pending court cases.

The creation of UATX is emblematic of a broader trend among some of Americas wealthiest individuals who are dissatisfied with the state of debate at Ivy League schools. 

Several billionaires and high-profile figures including real-estate developer and GOP donor Harlan Crow (pictured) have contributed millions of dollars to the venture

Trader Jeff Yass made a substantial $35 million contribution. A large amount of money for what is a tiny school

Just 92 students are attending the as-yet non-accredited university. Pictured, scenes from the new University of Austin (UATX) from the colleges Facebook page

Many donors have become increasingly critical of the political leanings of elite institutions, particularly after recent events like the October 7 attacks by Hamas on Israel, which spurred further unrest on campuses. Pictured, Columbia University in New York on October 7 this year

Many donors have become increasingly critical of the political leanings of elite institutions, particularly after recent events like the October 7 attacks by Hamas on Israel, which spurred further unrest on campuses. 

Billionaires like Marc Rowan and Bill Ackman have pushed back, calling for leadership changes at Ivy League schools they view as too lenient on antisemitism. 

It took what happened in the wake of October 7 on the major campuses to convince Wall Street, to convince people in Silicon Valley, that there really was a problem with higher education, said historian and founder Niall Ferguson.

For those who are disillusioned with the current direction of traditional universities, UATX presents an alternative.

The University of Austin, UATX, is a newly opened university that welcomed students to its campus on September 9, 2024

During the schools convocation, President Pano Kanelos (pictured) referred to the students and faculty as pioneers and heroes, emphasizing their role in reshaping higher education

Based in a former department store near the Texas Capitol,  the school welcomed its first cohort in September. 

UATX prides itself on being nonpartisan and committed to the fearless pursuit of truth.

Its curriculum blends classical texts—such as Homers Odyssey—with modern entrepreneurial principles, aiming to balance traditional education with practical skills.

A promotional video on UATXs YouTube channel underscores the schools message.

It contrasts the tumultuous scenes of protests at other universities with the calm discussions taking place in its classrooms, concluding with the bold statement: They burn, we build.

Texas Governor Greg Abbott meets with faculty, leadership and students of the University of Austin at the Texas Capitol Building last month

Fundraising for the university accelerated following the events in Gaza, drawing donations from individuals concerned about how free speech appeared to be selectively applied on campuses

School officials, including President Pano Kanelos, describe UATX in ambitious terms. 

During the schools convocation, Kanelos referred to the students and faculty as pioneers and heroes, emphasizing their role in reshaping higher education. 

Some officials see the University of Chicago as a model for what UATX hopes to achieve.

UATX was first announced in the fall of 2021, with founders like venture capitalist Joe Lonsdale and journalist Bari Weiss. 

Lonsdale, a conservative and donor to former President Donald Trump, is also gifting land near Austin for a science and technology center. 

The school has attracted high-profile supporters including PayPal co-founder Peter Thiel and energy trader John Arnold, whose contributions continue to boost UATXs profile.

Fundraising for the university accelerated following the events in Gaza, drawing donations from individuals concerned about how free speech appeared to be selectively applied on campuses. 

An advert for the new University of Austin which opened to students in the fall of 2024

The school has attracted high-profile supporters including PayPal co-founder Peter Thiel, left, and journalist Bari Weiss, right

Investor Len Blavatnik, for instance, donated $1 million shortly after the Hamas attack, later pausing his donations to his alma mater, Harvard. 

Daniel Lubetzky, founder of KIND Snacks and the son of a Holocaust survivor, also continued to donate after the attacks, worried about rising ideological divisions on campus.

Although the school has generated significant financial backing, questions remain about its long-term appeal to students. 

UATX is currently unaccredited, meaning students are taking a leap of faith, though the entire first class has received full-tuition scholarships, valued at $130,000. 

The school is working towards getting accreditation, which it can only obtain after its inaugural class graduates.

Despite its nonpartisan stance, some of UATXs most prominent supporters, including Yass and Crow, have deep ties to Republican causes. 

Yet, President Kanelos stresses that the universitys donors come from across the political spectrum, united by a common criticism of the current state of higher education.

With a larger fundraising campaign expected to launch in January, UATX hopes to continue its mission of fostering ideological diversity and redefining the future of education in the United States. 

Whether it will attract more students - and if it can match the ambitions of its deep-pocketed donors - remains to be seen.