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.

Getty Images

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.

rankings lists forbes

Hemp news

Texas cannabis businesses sue state to block ban on smokeable hemp

Photo by CRYSTALWEED cannabis on Unsplash

Texas is cracking down on smokeable hemp.

Texas hemp industry leaders and advocacy groups have sued the state to block new regulations that eliminate natural smokeable hemp products and increase licensing fees.

The Texas Hemp Business Council, Hemp Industry & Farmers of America, and several Texas-based dispensaries and manufacturers filed for a temporary restraining order in state district court in Travis County against the Texas Department of State Health Services and the Texas Health and Human Services Commission on Tuesday, April 6. They argue that the agencies have overstepped their constitutional authority by rewriting the statutory definitions of hemp established by lawmakers in 2019.

“Under current Texas law, hemp is defined by its delta-9 THC concentration of not more than 0.3 percent,” said David Sergi, an attorney for the hemp coalition, in a press release. “These Texas officials and state agencies are clearly attempting to create new law in direct contradiction to what the Texas legislature intended.”

The background
Even though Texas law bans marijuana, lawmakers legalized hemp in 2019. State law defines hemp as containing less than 0.3 percent levels of intoxicating Delta-9 THC.

To get around the law’s Delta-9 THC restrictions, manufacturers started cultivating hemp plants with another type of THC, called THCA, that, when ignited in a joint or smokeable product, can produce a high. Many lawmakers have said this legal loophole has allowed a recreational THC market to appear overnight without direct approval from the state.

Last year, the Texas Legislature voted to ban the products out of fear that these intoxicating products were consistently getting into the hands of children. But, Gov. Greg Abbott vetoed the decision last summer, before asking the Texas Alcoholic Beverage Commission and DSHS to increase regulations on the industry instead.

The Texas Department of State Health Services released regulations on consumable hemp-derived THC products that went into effect on March 31. These new regulations include child-resistant packaging, a significant increase in licensing fees, new labeling, testing, and bookkeeping requirements. The rules also codify the legal purchasing age to 21, which went into effect last year as an emergency directive.

Why the hemp industry sued
Also under the new rules, laboratories tests now measure the total amount of any THC in a product. If the THC levels exceed the 0.3 percent threshold, even if it’s only activated upon being smoked, the product will be noncompliant under state regulations. As a result, some of the most popular hemp products, like THCA flower and pre-rolled joints, have been banned.

Hemp businesses caught selling noncompliant products face a range of penalties and fines, including license revocation and up to $10,000 in violation fees for each day these products were sold in stores.

“An administrative agency may not substitute its own policy judgment for the outcome produced by the constitutional lawmaking process,” the lawsuit states. “The Texas Constitution vests legislative power in the Legislature, not administrative agencies.”

Retailers cannot sell hemp to out-of-state customers either.

The rules also increase licensing fees for manufacturers of hemp-derived THC from $258 to $10,000 per facility and retail registrations from $155 to $5,000, which industry leaders say will fulfill the ban by forcing businesses to close. The hemp business community’s lawsuit is not challenging the other new regulations, including the age verification or ones they say protect consumers.

“Texas hemp businesses wholeheartedly support those regulations, as they fall within the agency’s authority,” said Sergi. “We are seeking to halt rules that would effectively end the in-state production of hemp and the sale of hemp products — items the Legislature chose not to ban during recent legislative and special sessions.”

What the state says
Concerns about the safety of these high-THC products among youth led lawmakers to attempt to ban hemp-derived THC products outright last year. While the overall ban didn’t succeed, lawmakers successfully banned vape pens containing THC and other hemp-derived intoxicating chemicals.

Data provided from the Texas Poison Center Network confirms a sharp increase in cannabis-related poisoning calls starting in 2019, a year after hemp-derived THC was legalized by the federal government, from 923 to a 10-year high of 2,592 in 2024. Calls climbed to 2,669 last year. The majority of these calls involve suspected poisoning of children under the age of five and teenagers.

Drug policy experts said these numbers seem alarming, but it is natural for poisoning calls to increase when a drug has become legalized, and the data needs additional context before making conclusions from it.

Jennifer Ruffcorn, spokesperson for HHSC, directed questions about the lawsuit and what it means for the new hemp regulations to DSHS.

Lara Anton, spokesperson for DSHS, declined to comment on pending litigation.

What’s next
The hemp industry’s battle to stay alive in Texas started back in 2021 when the state health agency classified any amount of a natural intoxicating hemp compound called delta-8 THC as illegal. The hemp industry sued the state over its ban on delta-8 and the Texas Supreme Court is expected to consider the case this year.

The delta-8 lawsuit will have an impact on the outcome of the most recent lawsuit over the smokeable hemp ban because both lawsuits challenge the authority of a state health agency to make changes to the market without approval from lawmakers or the public.

---

This story was originally published by The Texas Tribune and distributed through a partnership with The Associated Press.

marijuana lawsuit cannabis