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Billionaire entrepreneur Marc Lore wants to build nation’s first woke city
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Former Walmart executive and e-commerce billionaire Marc Lore wants to build the world’s first woke city from scratch — somewhere in the US.
Lore last week unveiled plans for his utopia, called Telosa, from the ancient Greek word Telos, meaning "highest purpose."
"The mission of Telosa is to create a more equitable, sustainable future. That’s our North Star," Lore said in a promotional video. "We are going to be the most open, the most fair and the most inclusive city in the world."
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Key to the city’s plans is Lore’s economic vision, called "Equitism," in which the land upon which the city is built will be donated to a community endowment.
Residents, in turn, own their homes on the land and are enriched as home values increase, according to the project’s site, and after a period of "hyper-growth," residents can buy the land from the community endowment.
"If you went into the desert where the land was worth nothing, or very little, and you created a foundation that owned the land, and people moved there and tax dollars built infrastructure and we built one of the greatest cities in the world, the foundation could be worth a trillion dollars," Lore told Bloomberg Businessweek.
"And if the foundation’s mission was to take the appreciation of the land and give it back to the citizens in the form of medicine, education, affordable housing, social services: Wow, that’s it!"
The city is meant to take on what Lore views as the United States’ biggest challenge — the rapidly growing wealth gap, which he said "is going to bring down America."
"While the current economic system is a growth engine, it has led to increasing inequality," the project’s website explains. "Equitism is inclusive growth."