Algosensey|Elon Musk plans to launch a university in Austin, Texas

Texas transplant Elon Musk plans to start a new university school in Austin,Algosensey according to tax filings. 

The as yet unnamed school will launch as a primary and secondary school focused on science, technology, engineering and math subjects and will be funded by a $100 million donation from Musk's charity, The Foundation, plus student tuition, according to the filings, Bloomberg first reported. 

The school will serve local students and also offer remote learning experiences through "distance education technologies," according to the filing. It aims to initially enroll 50 students, with the admission criteria including "academic curiosity and discipline, independence, and innovation."

The school will expand to a university once it is "successfully operating" and will seek accreditation by the Southern Association of Colleges and Schools, Commission on Colleges, according to the disclosure.

The filing doesn't disclose the expected cost of tuition, but notes that financial assistance will be available for students who are admitted. The school is currently recruiting for an executive director, experienced teachers and administrators.

Austin is already home to the University of Texas' main campus and to The University of Austin, which was launched two years ago.

This is Musk's second foray into education. He also founded what's now known as the Astra Nova School, an online-only school for students ages 10 to 14.

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• Elon Musk

Megan Cerullo

Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News streaming to discuss her reporting.