Bala Cynwyd’s Jeff Yass, co-founder of Susquehanna International Group, has become the largest financial backer of the University of Austin (UATX), reports Juliet Chung for the Wall Street Journal.

Yass contributed $35 million to the fledgling institution. UATX, which recently welcomed its first class of 92 students, has raised nearly $200 million. Donors like Yass are frustrated with the direction of elite universities.

Yass, a long-time advocate of school choice, has voiced concerns over the lack of competition in higher education. “Higher education needs competition,” Yass stated, calling for new institutions that reflect the original values of American colleges.

Jeff Yass and other donors see UATX as a response to what they view as the increasingly progressive agendas at traditional universities. UATX’s mission of fostering open debate and ideological diversity drew interest from these benefactors, including real estate developer Harlan Crow and investor Len Blavatnik.

Crow has hosted events for UATX and provided space for the school’s summer program, “Forbidden Courses,” aimed at encouraging free speech.

The university, still in its early stages, promotes itself as a nonpartisan institution with a “fearless pursuit of truth.” The curriculum blends classical texts with an emphasis on entrepreneurship. Its creation comes amid growing discontent among wealthy donors regarding elite universities handle sensitive cultural and political issues, particularly in the wake of the recent Israel-Gaza conflict.

As UATX continues to build its academic foundation, it has attracted significant financial backing. Whether it will resonate with prospective students remains to be seen. The school is unaccredited for now, but is offering full-tuition scholarships to offset the risks for its inaugural class. Yass and other major donors are betting on UATX to challenge the traditional higher education model.

Read more about Jeff Yass and the University of Austin at the Wall Street Journal.