A rendering of Telosa with the "Equitism Tower" BIG and Bucharest Studio
Marc Lore, a former Walmart executive, wants to create a futuristic utopia called Telosa.
Telosa is based on the idea of "equitism", a mix of capitalism and equality.
The application process for the first 50,000 Telosa "settlers" will open in March. They could move in by 2030.
Marc Lore's vision could see 50,000 people living in an egalitarian utopia by 2030, if it comes to fruition.
Lore, who was recently resigned as the CEO of Walmart's US E-Commerce division, said last month that he intends to build a futuristic metropolis called Telosa. Telosa, which takes its name from the Ancient Greek word for "highest purpose", aims to provide equal access to education and healthcare to its citizens. Telosa promises that residents will be able to move around in their own vehicles, and that the city will run on renewable electricity.
Telosa residents will have the option to build and sell their homes, but the city will retain ownership of the land, Lore explained to USA Today's Scott Gleeson Sunday. His vision of the city is called "equitism", which he describes as a mix-up between capitalism and equality.
Lore stated that the sole purpose of creating a desert city would be for the community to own it, take all the appreciation and then give it back the citizens. Lore spoke out on behalf of USA Today. "All taxes paid will be returned to the city for infrastructure, roads, tunnels, and bridges. This would ensure that everyone knows exactly where their money is going.
It is a huge undertaking and a costly one. The city's website estimates that the first phase of construction will cost $25 Billion. However, the total cost of the project will exceed $400 Billion. According to Telosa, it will be funded by investors, philanthropists and government grants and subsides.
Although there is no location yet for Telosa, a few areas have been suggested as possible locations: Nevada, Utah Idaho, Arizona and Texas. The Appalachian Region includes 13 states in the eastern half of the US.
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An illustration of Telosa's streets. BIG and Bucharest Studio
Lore stated that the first phase of Telosa, which will see the city populated with 50,000 people by 2030, will likely include an application process.
He said that the "settlers" will be selected through a selection process that emphasizes diversity and inclusion. A team of volunteers, including economists, engineers and climate experts, is helping him to establish the criteria.
USA Today reported Lore that he plans to create a venture capital fund to support startups looking to move to Telosa.
The renderings of Telosa by Bjarke Ingels Group (BIG) show streets filled with autonomous vehicles and robots. A high-speed rail system and futuristic skyscrapers - called "Equitism Tower" according to USA Today -- dominate the skyline.
Telosa is Lore's most ambitious venture to date. However, he has a long track record of entrepreneurial endeavors. Lore founded Quidsi in 2005. This was the parent company to Diapers.com. He sold it six years later to Amazon for $500 million. After a brief stint at Amazon, Lore cofounded Jet.com, an online competitor to Amazon. He sold it to Walmart for $3 billion cash plus stock in 2016. Over four years he served as Walmart's US E-commerce CEO. He announced in January 2021 that his focus would be on "a reformed form of capitalism," Recode reported at the time.
Lore, along with fellow tech billionaires Mark Cuban and Steve Ballmer and the late Paul Allen has also gotten involved the world of professional sport: Lore and Alex Rodriguez, a former Yankees player, teamed up in July to buy the NBA's Minnesota Timberwolves as well as the WNBA’s Minnesota Lynx.
Business Insider has the original article.