MIT pledges $1 billion for its new computing college

Massachusetts Institute of Technology, which is one of the world’s leading universities, has announced its intention to begin a new college dedicated to computing. Moreover, it has committed a whopping $1 billion for the same institution. It is also reported to be the largest commitment of a university to a specific discipline. The new college will be named the MIT Stephen A. Schwarzman College of computing, in light of his generous gift of $350 million for its establishment. Schwarzman is the chairman and CEO of The Blackstone Group, a leading global private equity fund. His net worth is estimated to be about $14 billion, ranking him on the 113th position on the Forbes rich list.

MIT is already one of the leading academic institutions when it comes to computer science. The new college will specialize in data science and artificial intelligence, headed by a dean with 50 new faculties. Furthermore, MIT wants every graduating student to have significant exposure to computer sciences, irrespective of their specialization. The university, through this college, aims to establish its position as the world’s leading center for research and advancements in computer sciences. 

Stephen Schwarzman seems to be on a philanthropic spree for the last few years. He had donated a massive $150 million to Yale University and a staggering $100 million to the New York public library. He had also donated $5 million to Harvard Business School to propel a case study for the implications of artificial intelligence in various sectors.  Additionally, he also created a scholarship program in China with a $100 million grant and modeled it after the Rhodes scholarship.