Telosa: American billionaire Marc Lore plans to build model city based on 'Equitism'

American billionaire Marc Lore plans to build a city combining the best facilities from around the globe based on energy efficiency.

The name of the new town is"Telosa" meaning “highest purpose” in the ancient Greek language. The plan includes autonomous electric cars and high-speed transportation which is set to cost $400 billion.

The sprawling city high tech city is reportedly going to be built in the West or Appalachia on cheap land which will grow in value due to large scale investment. Lore believes in wealth creation in a "fair way" while creating a "new model for society".

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The internet billionaire has also reportedly hired an architectural firm to turn his dream into reality. Lore, 50, was the former president & CEO of Walmart. He had launched an e-commerce website Jet.com in 2014.

Lore was born in Staten Island, New York and has been an Internet entrepreneur for a long time having launched The Pit which was an Internet company meant to rival eBay in 1999. The Pit was eventually sold toTopps for $5.7 million in 2001.

Reports say the billionaire plans to fund the major part of the new city from his own funds while trying to rope in investors and federal grants. The billionaire believers "Telosa" has the capability to one day become the size of New York with the plan running far ahead into 2030.

The gigantic plan involves innovative water technology as he seeks to build his utopian plan. The city could be based in Arizona, Nevada, Utah or Idaho. The main thrust behind the plan is to fight "increasing inequality" while creating an "urban blueprint" with renewable sources of energy powering the new model city.

Lore is scouting for land currently to host an "inclusive city" with diverse housing options and natural,safe public spaces. The core of the plan is based on "Equitism" with an "economic system in which citizens have a stake in the land".

(With inputs from Agencies)