Charged-up wealth

Elon Musk tops all Texas billionaires on 2021 Forbes list of richest Americans

Elon Musk continues to ascend the ranks of the country's most wealthy.

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No shocker here: The latest Forbes 400 list puts Tesla and SpaceX guru Elon Musk at No. 2 among the richest Americans and No. 1 among the richest Texans.

What is shocking, however, is how much Musk’s net worth skyrocketed from 2020 to 2021. Hint: It’s more than $100 billion.

This year, the Forbes 400 estimates his net worth stood at $190.5 billion as of September 3. To give that some context, the size of the economy in the state of Kansas exceeds $193 billion.

Last year, Musk’s estimated net worth was $68 billion. This means that from 2020 to 2021, his net worth exploded by $122.5 billion, or 180 percent.

Among the richest Americans, only Amazon’s Jeff Bezos beats Musk — but not by much. The Forbes 400 pegs Bezos’ net worth at $201 billion as of September 3, up from $179 billion at the same time last year.

Forbes lists Musk’s residence as Austin, although he has said he spends much of his time in Boca Chica. The Texas Gulf Coast community hosts Starbase, a launch site for SpaceX rockets. On October 7, Musk officially announced that Tesla would shift its headquarters from Palo Alto, California, to Austin.

Before Musk arrived in the Lone Star State, Walmart heir Alice Walton of Fort Worth ranked as the richest person in Texas. She’s now in second place, with a net worth estimated at $67.9 billion (up from last year's estimated $62.3 billion). Walton ranks as the 12th richest American and richest American woman on this year’s Forbes 400.

According to a 2021 report by Bloomberg, the Waltons hold the crown as the richest family in the world.

Here's how the rest of Dallas-Fort Worth's billionaires fared on this year's Forbes list:

Banking and real estate mogul Andy Beal of Dallas holds the No. 5 spot in Texas and No. 78 nationally. His estimated net worth is $9.9 billion. Last year: $7.6 billion, No. 67.
Dallas Cowboys owner Jerry Jones of Dallas sits at No. 7 in Texas and No. 86 nationally with an estimated net worth of $9.1 billion. Last year: $8.6 billion, No. 56.
Money manager Ken Fisher of Dallas ranks 10th in Texas and 151st nationally with an estimated net worth of $6.4 billion. Last year: not listed.
Oil and real estate titan Ray Lee Hunt of Dallas ranks 16th in Texas and ties for 188th nationally with an estimated net worth of $5.7 billion. Last year: $4.6 billion, No. 154.
Oil and investment mogul Robert Bass of Fort Worth ranks 17th in Texas and ties for 212th nationally with an estimated net worth of $5 billion. Last year: $4.8 billion, No. 139.
Private equity kingpin David Bonderman of Fort Worth ties for 21st in Texas and ties for 247th nationally with an estimated net worth of $4.5 billion. Last year: $4 billion, No. 186.
Media magnate and Dallas Mavericks owner Mark Cuban of Dallas ties for 21st in Texas and ties for 247th nationally with an estimated net worth of $4.5 billion. Last year: $4.2 billion, No. 177.
Oil and gas honcho Trevor Rees-Jones of Dallas ties for 21st in Texas and ties for 247th nationally with an estimated net worth of $4.5 billion. Last year: $3.5 billion, No. 228.
Hotel and investment guru Robert Rowling of Dallas ranks 25th in Texas and ties for 261st nationally with an estimated net worth of $4.3 billion. Last year: $3.9 billion, No. 197.
Margot Birmingham Perot of Dallas, widow of tech and real estate entrepreneur H. Ross Perot Sr., ties for 27th in Texas and ties for 273rd nationally with an estimated net worth of $4.1 billion. Last year: $4 billion, No. 186.
Oil and gas tycoon Kelcy Warren of Dallas ranks 29th in Texas and ties for 289th nationally with an estimated net worth of $3.9 billion. Last year: $2.8 billion, No. 299.
Real estate bigwig H. Ross Perot Jr. of Dallas ranks 32nd in Texas and 363rd nationally with an estimated net worth of $3.2 billion. Last year: $2.5 billion, No. 339.
Homebuilder Donald Horton and family of Fort Worth tie for 35th in Texas and tie for 389th nationally with an estimated net worth of $2.9 billion.
Oil baron W. Herbert Hunt of Dallas ties for 35th in Texas and ties for 389th nationally with an estimated net worth of $2.9 billion. Last year: not listed.

And here's where billionaires from other major metros in Texas stand on the Forbes 400 list.

Austin (in addition to Musk)

Michael Dell, founder, chairman, and CEO of Round Rock-based Dell Technologies. Estimated net worth: $50.1 billion. Texas rank: No. 3. U.S. rank: No. 18.
Robert Smith, founder, chairman, and CEO of private equity firm Vista Equity Partners. Estimated net worth: $6.7 billion. Texas rank: No. 9. U.S. rank: No. 141.
Vodka titan Bert “Tito” Beveridge. Estimated net worth: $4.8 billion. Texas rank: No. 18. U.S. rank: No. 224 (tie).
IT entrepreneur Thai Lee. Estimated net worth: $4.1 billion. Texas rank: No. 27 (tie). U.S. rank: No. 273 (tie).
Software entrepreneur Joe Liemandt. Estimated net worth: $3 billion. Texas rank: No. 33 (tie). U.S. rank: No. 377 (tie).
Jim Bryer, founder and CEO of venture capital firm Bryer Capital. Estimated net worth: $2.9 billion. Texas rank: 35 (tie). U.S. rank: No. 389 (tie).

Houston

Pipeline magnate Richard Kinder of Houston ranks eighth in Texas and 128th nationally with an estimated net worth of $7.1 billion.
Hospitality king and Houston Rockets owner Tilman Fertitta of Houston ranks 11th in Texas and 158th nationally with an estimated net worth of $6.3 billion.
Houston pipeline heirs Dannine Avara, Scott Duncan, Milane Frantz, and Randa Duncan Williams tie for 12th place in Texas and tie for 161st nationally. Each has an estimated net worth of $6.2 billion.
Software entrepreneur Robert Brockman of Houston ranks 19th in Texas and ties for 229th nationally with a net worth of $4.7 billion.
Oil mogul Jeffery Hildebrand of Houston ranks 20th in Texas and ties for 240th nationally with a net worth of $4.6 billion.
Toyota mega-dealer Dan Friedkin of Houston ranks 24th in Texas and ties for 253rd with an estimated net worth of $4.4 billion.
Houston Texans owner Janice McNair of Houston ranks 26th in Texas and ties for 269th nationally with an estimated net worth of $4.2 billion.
Hedge fund honcho John Arnold of Houston ties for 30th in Texas and ties for 358th nationally with an estimated net worth of $3.3 billion.

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Politics News

Dallas narrows down field for new city manager to 4 candidates

Photo by R K on Unsplash

This is an Dallasite's sign to launch that small business they've been dreaming of.

After six months without a city manager, the city of Dallas has narrowed down the field of replacements to four semifinalists including one serving as current interim city manager, plus candidates from Fort Worth, Michigan, and Georgia.

Dallas has been without a city manager since May, when previous city manager T.C. Broadnax left to take a job with the city of Austin. Since that time, Broadnax's former chief of staff Kimberly Bizor Tolbert has served as interim city manager.

The city retained Baker Tilly, a consulting firm, to recruit and compile candidates. (Baker Tilly famously erred in the brochure it created for the position by featuring a photo of the Houston skyline instead of Dallas; they've since replaced it with Dallas.)

A spokesperson for Baker Tilly did not respond to inquiries but according to D Magazine, an email listing the candidates has been sent to the Dallas City Council.

The semifinalists include:

Kimberly Bizor Tolbert, Dallas’ current interim city manager
William Johnson, an assistant city manager in Fort Worth
Mark Washington, the city manager of Grand Rapids, Michigan
Zachary Williams, a county chief operating officer in Georgia

All have more than 25 years' of public administration experience and have worked in similar capacities in their respective cities.

Before working in Fort Worth, Johnson was Baltimore’s transportation director and Atlanta’s deputy chief operating officer and public works commissioner.

Washington worked in Fort Worth and Austin before becoming Grand Rapids’ city manager.

Williams has mostly worked in Georgia at the county level, including serving as county manager in Fulton County and chief operating officer in DeKalb County.

Tolbert began working for the city in 1998, first as the city manager’s assistant and later in the aviation department. Broadnax hired her as his chief of staff in 2017.

Unlike the Mayor and the Dallas City Council, the city manager position in Dallas is not elected but is instead appointed by the city council, and is tasked with executing policies, overseeing the annual budget, and managing staff at city hall.

The council’s Ad Hoc Committee will choose finalists, introduce them to the public, and make an offer in early 2025.

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