I've got a whole drawer full of pocket knives. I've been carrying one or another for decades. These days I'm partial to the Rough Rider brand. They are quality knives, but cheap enough that if you lose or break it, no big deal.
My son really wanted a Swiss army knife when he graduated high school. I got him a really fancy one with many many features. He loved it. It was closer to your price point. I ordered it direct from Victorinox.
Another possibility is to steer him towards knife making. See if there are blacksmithing classes near you and sign him up for lessons.
Because the pizza delivery boy wasn't rhe high bidder.