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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Animal News

Advocates find false info being fed to Texas legislators on pet store law

Puppy mill dogs do not have a great life.

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A national pet store chain has been implicated in a dishonest campaign to try and influence Texas lawmakers on an upcoming bill making its way through the legislature.

The pet store chain is Petland, and they're engaged in a battle against The Ethical Pet Sale Bill (SB 1652 / HB 3458), which would encourage pet stores to stop selling at-risk animals from puppy mills and support shelters and rescue groups instead.

The Ethical Pet Sale bill has support from rescue and animal groups across Texas, who are all grappling with a glut of animals on the streets and in overcrowded shelters. That pet overpopulation problem gets even worse when pet stores import more animals from puppy mills in states like Missouri and Ohio.

If Texas passes the bill, it will join a growing number of states and cities who've already passed similar laws including Dallas, Austin, Bryan, College Station, El Paso, Euless, Fort Worth, Houston, New Braunfels, Pasadena, San Antonio, The Colony, Sherman, and Waco.

Most reputable pet store chains such as PetSmart and PetCo do not sell cats and dogs. Petland does. The company operates 84 stores in the U.S., and fights bills like this by hiring lobbyists to discourage legislators from supporting these bills.

Phony list
In this case, a two-page summary was distributed to some Texas state senators listing reasons why they should oppose SB ("The evidence from other states, especially California, demonstrates that these types of bans do more harm than good"), plus a list of organizations that are opposed.

Most of the organizations opposed to the bill profit directly from animals, such as Petland and Puppy Dreams, a North Texas chain that also sells animals.

But the list also had surprising names including PetSmart, PetCo, and Pet Supplies Plus — the three largest pet store chains who all have a history of supporting adoption of shelter animals.

Their presence on the list caught the eye of animal advocacy groups such as Texas Humane Legislation Network and Humane World For Animals, who've worked with the big three in the past.

"We became aware of Petland Inc.’s lobbyist apparently sharing the attached document with legislators, claiming the listed pet and pet product industry leaders are opposing this legislation," said a spokesperson from Humane World of Animals (HWA). "We checked in with contacts at Petco, Petsmart, and the American Pet Products Association, and all of them deny opposing this legislation or giving Petland permission to list them on this opposition letter. It’s very possible others listed in this letter also did not give their permission to be included — we only connected with the those listed above at this stage."

CultureMap also contacted the three major pet store chains and received similar responses that they had not been consulted nor did they issue a rejection of the bill, although none wanted to be quoted.

The misrepresentation is concerning because it muddies the water with false information at a time when the bill is still under consideration:

HB 3458 — the version going through the Texas House — passed a House Committee with a 10-1 vote and has been moved up the chain towards passage.

SB 1652 — the version going through the Senate — still needs to get through the Senate Committee, Calendars, and a floor vote.

"By creating a false narrative about the position of the above industry leaders, this letter has the potential to sway lawmakers at a critical juncture in the legislation’s journey," the HWA spokesperson says.

Two Petland stores in the Dallas area — in Frisco and Tyler — have been the subject of undercover investigations. Petland Webster recently settled a lawsuit with several families that the store allegedly sold sick puppies to, and several lawsuits have been filed against Petland Woodlands in Texas, claiming the store sold sick puppies. One pet owner told the House Committee that he'd spent $20,000 on medical care of a puppy he bought at a pet store.

"Banning the retail sale of puppies and kittens is a common-sense solution to protect both animals and Texas consumers," said Dean Senator Judith Zaffirini of Laredo, who filed the bill. "My SB 1652 would help reduce pet overpopulation, promote responsible breeding practices and prevent families from unknowingly purchasing sick animals. With varying local ordinances in place and further action at the city level now restricted, it is important for the state to provide a clear and consistent approach that prioritizes both animal welfare and consumer protection."

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