Activism

Billionaire hatches ambitious plan to create an entire new city in the US

American entrepreneur Marc Lore has revealed an incredibly ambitious plan to create a new city from scratch in the United States. Named Telosa, the project is designed by the Bjarke Ingels Group (BIG) and, if built – which is by no means certain at this stage – would be located on an unoccupied site somewhere in the US, with the first residents moving in by 2030.
Lore, who is a former banker and successful businessman best known for selling his e-commerce site Jet.com to Walmart for US$3.3 billion a few years ago, insists the city will not be utopian in nature, though his pitch does bring to mind earlier experiments in utopian cities by European settlers in the USA.
“Capitalism has been an incredible economic model, but there are significant flaws, especially around income and wealth inequality,” says Lore. “Many of these flaws are a result of the land ownership model that America was built on. There’s a finite amount of land and that land was claimed generations ago – communities were created, tax dollars were used to invest in the land, and therefore the land increased in value over time with landowners not having to produce anything or take any risk. Land could essentially go from a barren piece of desert to a modern day city worth billions (or even trillions!).”

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