Billionaire ex-Walmart exec says the first 'settlers' of his planned $400 billion city 'Telosa' will

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likely be selected through applications - and they could move in by 2030

If Marc Lore's vision comes to fruition, 50,000 residents could be living in a egalitarian utopia by 2030.

Lore, who stepped down as CEO of Walmart's US e-commerce division earlier this year, announced last month that he plans to build a futuristic city known as Telosa. Telosa - which gets its name from an Ancient Greek word meaning "highest purpose" - plans to offer its citizens equal access to education, healthcare, and transportation. Residents will get around in autonomous vehicles and the city will run on renewable energy, Telosa's website promises.

While citizens of Telosa will be able to build their own homes and sell them, the city will maintain ownership of the land itself, Lore told USA Today's Scott Gleeson on Sunday. He calls his vision for the city "equitism" - a mash-up of equality and capitalism.

"The sole purpose of creating a city in the desert would be so it's owned by the community, basically take all the appreciation of the land and give it back to the citizens," Lore told USA Today. "Taxes paid will go back to the city for infrastructure - roads, tunnels and bridges - so everyone would know exactly where their money is going."

https://www.msn.com/en-us/money/companies/billionaire-ex-walmart-exec-says-the-first-settlers-of-his-planned-dollar400-billion-city-telosa-will-likely-be-selected-through-applications-and-they-could-move-in-by-2030/ar-AAPFdfL

Utopia or pipe dream?