Texas billionaire Elon Musk, Houston energy execs named richest in America by Forbes

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Elon Musk is the richest person in Austin and in America. Photo by Justin Sullivan/Getty Images

SpaceX and Tesla co-founder Elon Musk has topped Forbes' list as the wealthiest person in America for the third time. Musk is one of seven Austin billionaires who have made the new Forbes 400, a list of the 400 richest people in the United States for 2024.

Forbes estimates Musk's net worth in 2024 as $244 billion, which is $7 billion less than his estimated net worth last year. Musk, 53, is the cofounder of seven companies, including SpaceX, xAI, The Boring Company, among others. He serves as the CEO of Tesla, which is headquartered in Austin.

In 2022, Musk famously acquired Twitter in a $44 billion deal.

"Forbes estimates that the social media company, which he renamed X, is worth nearly 70 percent less as of August 2024.," Forbes wrote in Musk's profile.

Most recently, court filings revealed Musk shifted his plans to relocate X's headquarters from San Francisco to Bastrop, a city 30 miles southeast of Austin. He originally stated he would be moving the company's headquarters to Austin in July 2024, after California Governor Gavin Newsom signed a new law that barred school districts from requiring staff to notify parents of their child’s gender identification change.

A dozen of Houston's illustrious billionaires have also made the cut on the list. Houston hospitality king and Rockets owner Tilman Fertitta is the 12th richest Texan and the 99th richest person in the United States, according to Forbes' list, released October 1.

Forbes estimates Fertitta's net worth in 2024 as $10.1 billion, which has steadily climbed from his 2023 net worth of $8.1 billion. Fertitta, 67, purchased the Houston Rockets in October 2017 for $2.2 billion. The billionaire also owns Texas-based hospitality and entertainment corporation Landry's. In 2019, Fertitta embarked on a new venture as an author.

"Fertitta released his first book titled Shut Up And Listen! in September [2019], detailing his experiences in the dining and entertainment industries," Forbes wrote in Fertitta's profile.

The Forbes 400list is a definitive ranking of the wealthiest Americans, using interviews, financial data, and documentation provided by billionaires and their companies.

According to the report, America's elite class is now worth $5.4 trillion collectively, which is a $1 trillion jump since 2023.

“The Forbes 400 is richer than ever, and it’s harder than ever to be one of the 400 richest people in America," said Forbes senior editor Chase Peterson-Withorn in a press release.

In all, 43 Texas billionaires made the list. Newcomers include Houston-based Westlake Corporation co-owners Albert Chao, James Chao, and their respective families. According to their Forbes profiles, the Chaos own nearly 25 percent of Westlake Corporation, which produces low-density polyethylene that is used for food packaging and other products.

"His father, T.T. Chao, moved the family from Taiwan to the U.S. and founded Westlake in 1986," Albert Chao's profile says. "Albert and brother James Chao are credited with helping launch the company. Albert was CEO from 2004 to July 2024, when he became executive chairman. James was chairman from 2004 to July 2024, when he became senior chairman."

Here's how the rest of Houston's billionaires fared on this year's list:

Oil and gas chairman Richard Kinder ranks No. 112 nationally with an estimated worth of $9.3 billion.
Houston pipeline heir Randa Duncan Williams ties for No. 126 with an estimated net worth of $8.6 billion. Fellow pipeline heirs Dannine Avara and Milane Frantz tie for 130th nationally. Each has an estimated net worth of $8.5 billion. Scott Duncan ranks No. 137 with an $8.3 billion estimated net worth.
Toyota mega-dealer Dan Friedkin and Houston oil tycoon Jeffery Hildebrand tie for 156th nationally with an estimated net worth of $7.6 billion.
Houston Texans owner Janice McNair ties for No. 210 nationally with an estimated net worth of $6.2 billion.
Energy exploration chief exec George Bishop of The Woodlands ranks No. 266 with an estimated net worth of $5 billion.

Missing from the 2024 list is local hedge fund honcho John Arnold, who ranked No. 345 nationally in 2023 but now ranks No. 991 in 2024 with an estimated net worth of $3.3 billion. As of October 1, Forbes estimates Arnold's net worth at $2.9 billion.

Find all the Texans on the new Forbes 400 list here.

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This article originally ran on CultureMap.

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Wind and solar supplied over a third of ERCOT power, report shows

power report

Since 2023, wind and solar power have been the fastest-growing sources of electricity for the Electric Reliability Council of Texas (ERCOT) and increasingly are meeting stepped-up demand, according to a new report from the U.S. Energy Information Administration (EIA).

The report says utility-scale solar generated 50 percent more electricity for ERCOT in the first nine months this year compared with the same period in 2024. Meanwhile, electricity generated by wind power rose 4 percent in the first nine months of this year versus the same period in 2024.

Together, wind and solar supplied 36 percent of ERCOT’s electricity in the first nine months of 2025.

Heavier reliance on wind and solar power comes amid greater demand for ERCOT electricity. In the first nine months of 2025, ERCOT recorded the fastest growth in electricity demand (5 percent) among U.S. power grids compared with the same period last year, according to the report.

“ERCOT’s electricity demand is forecast to grow faster than that of any other grid operator in the United States through at least 2026,” the report says.

EIA forecasts demand for ERCOT electricity will climb 14 percent in the first nine months of 2026 compared with the same period this year. This anticipated jump coincides with a number of large data centers and cryptocurrency mining facilities coming online next year.

The ERCOT grid covers about 90 percent of Texas’ electrical load.

Micro-nuclear reactor to launch next year at Texas A&M innovation campus

nuclear pilot

The Texas A&M University System and Last Energy plan to launch a micro-nuclear reactor pilot project next summer at the Texas A&M-RELLIS technology and innovation campus in Bryan.

Washington, D.C.-based Last Energy will build a 5-megawatt reactor that’s a scaled-down version of its 20-megawatt reactor. The micro-reactor initially will aim to demonstrate safety and stability, and test the ability to generate electricity for the grid.

The U.S. Department of Energy (DOE) fast-tracked the project under its New Reactor Pilot Program. The project will mark Last Energy’s first installation of a nuclear reactor in the U.S.

Private funds are paying for the project, which Robert Albritton, chairman of the Texas A&M system’s board of regents, said is “an example of what’s possible when we try to meet the needs of the state and tap into the latest technologies.”

Glenn Hegar, chancellor of the Texas A&M system, said the 5-megawatt reactor is the kind of project the system had in mind when it built the 2,400-acre Texas A&M-RELLIS campus.

The project is “bold, it’s forward-looking, and it brings together private innovation and public research to solve today’s energy challenges,” Hegar said.

As it gears up to build the reactor, Last Energy has secured a land lease at Texas A&M-RELLIS, obtained uranium fuel, and signed an agreement with DOE. Founder and CEO Bret Kugelmass said the project will usher in “the next atomic era.”

In February, John Sharp, chancellor of Texas A&M’s flagship campus, said the university had offered land at Texas A&M-RELLIS to four companies to build small modular nuclear reactors. Power generated by reactors at Texas A&M-RELLIS may someday be supplied to the Electric Reliability Council of Texas (ERCOT) grid.

Also in February, Last Energy announced plans to develop 30 micro-nuclear reactors at a 200-acre site about halfway between Lubbock and Fort Worth.

Rice University partners with Australian co. to boost mineral processing, battery innovation

critical mineral partnership

Rice University and Australian mineral exploration company Locksley Resources have joined together in a research partnership to accelerate the development of antimony processing in the U.S. Antimony is a critical mineral used for defense systems, electronics and battery storage.

Rice and Locksley will work together to develop scalable methods for extracting and utilizing antimony. Currently, the U.S. relies on imports for nearly all refined antimony, according to Rice.

Locksley will fund the research and provide antimony-rich feedstocks and rare earth elements from a project in the Mojave Desert. The research will explore less invasive hydrometallurgical techniques for antimony extraction and explore antimony-based materials for use in batteries and other energy storage applications.

“This strategic collaboration with Rice marks a pivotal step in executing Locksley’s U.S. strategy,” Nathan Lude, chairman of Locksley Resources, said in a news release. “By fast-tracking our research program, we are helping rebuild downstream capacity through materials innovation that the country urgently requires.”

Pulickel Ajayan, the Benjamin M. and Mary Greenwood Anderson Professor of Materials Science and Nanoengineering at Rice, is the principal investigator of the project.

“Developing scalable, domestic pathways for antimony processing is not only a scientific and engineering challenge but also a national strategic priority,” Ajayan said in the news release. “By combining Rice’s expertise in advanced materials with Locksley’s resources, we can address a critical supply chain gap and build collaborations that strengthen U.S. energy resilience.”

The Rice Advanced Materials Institute (RAMI) will play a major role in supporting the advancement of technology and energy-storage applications.

“This partnership aligns with our mission to lead in materials innovations that address national priorities,” Lane Martin, director of RAMI, said in a news release. “By working with Locksley, we are helping to build a robust domestic supply chain for critical materials and support the advancement of next-generation energy technologies.”

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