Austin, TX

5 Superrich People from Austin

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For years, Austin has had its fair share of billionaires, but this year's Forbes list included two highly-publicized tech moguls: Elon Musk and Whitney Wolfe Herd.

Although Musk is no stranger to Forbes' billionaire's list, Herd is brand new to the list, having just recently amassed enough money to join the other local billionaires on the list this year when global dating app Bumble debuted on the market.

Read this article to find out more about the superrich people from Austin.

Elon Musk

Elon Musk is working to revolutionize transportation on Earth and in space, through his electric vehicle company Tesla and his rocket company SpaceX.

He owns 21% of Tesla but has lent more than half of it as debt collateral; Forbes has discounted his interest to account for the loans.

After allegedly making "false claims" about a bid to take Tesla private, he stepped down as chairman in 2018, prompting an SEC investigation.

After its most recent investment round in February 2021, Musk's rocket firm, SpaceX, is now estimated at $74 billion.

He was born in South Africa and moved to Canada when he was 17 years old. He came to the United States to study at the University of Pennsylvania as a transfer student.

Michael Dell

Michael Dell is the chairman and CEO of Dell Technologies, which was founded in 2016 when Dell and EMC combined to create Dell Technologies.

The $60 billion Dell-EMC transaction, which was completed in 2016, was the world's biggest technology deal.

Dell Technologies re-entered the capital markets in late 2018 after a complex financial turnaround.

Dell's fortune is largely invested in his private investment company MSD Capital, which owns hotels and restaurants.

Dell's foundation, which works on child poverty and makes both impact contributions and charitable grants, received a $1 billion contribution in May 2017.

Robert F. Smith

In the year 2000, Robert F. Smith formed Vista Equity Partners, a private equity company. Its sole purpose is to invest in tech firms.

Vista is one of the best-performing private equity companies, with over $50 billion in assets and annualized returns of 22% since inception.

Smith agreed to pay $139 million to the DOJ and IRS in October 2020 in exchange for his part in a tax avoidance scheme.

Smith landed an internship at Bell Labs as a college student after contacting the firm every week for five months.

He began his career as an engineer and went on to work for Kraft Foods and Goodyear Tire before earning his MBA from Columbia University.

Smith promised to wipe away the student loans of the entire Morehouse College graduation class of 2019 during a commencement address.

Whitney Wolfe Herd

Whitney Wolfe Herd is the cofounder and CEO of Bumble Inc., which owns the Bumble and Badoo dating apps.

Bumble, the dating app where women make the first step, was created by Wolfe Herd and Russian billionaire Andrey Andreev in 2014.

In November 2019, Andreev, who created Badoo in 2004, sold his interest in both apps to private equity company Blackstone.

After Bumble Inc. went public on February 11, 2021, Wolfe Herd, who holds a 13 percent stake in the company, became the world's youngest self-made woman billionaire.

As of the third quarter of 2020, Bumble and Badoo run in 150 countries, with 42 million monthly active users.

Jim Breyer

Jim Breyer, one of Facebook's initial angel partners, made a lot of money by investing in the social network.

Senate Majority Leader Mitch McConnell and his partner, US Secretary of Transportation Elaine Chao, are Breyer's in-laws.

Breyer, who spent 28 years at venture capital company Accel Partners, now invests with his own Breyer Capital and is betting high on AI.

He has invested in over 40 businesses, including Etsy, Marvel Entertainment, and Legendary Entertainment, who have all had profitable IPOs or mergers.

In September 2019, Facebook agreed to buy CTRL-labs, a brain-computing startup backed by Breyer Capital.

Let me know in the comments what you think of those super-rich individuals.

Sources:

https://www.forbes.com/profile/jim-breyer/?list=billionaires&sh=6207b7c866e5

https://www.forbes.com/profile/whitney-wolfe-herd/?list=billionaires&sh=7846db553147

https://www.forbes.com/profile/elon-musk/?list=billionaires&sh=2bf408357999

https://www.forbes.com/profile/michael-dell/?list=billionaires&sh=139519676ce0

https://www.forbes.com/profile/robert-f-smith/?list=billionaires&sh=5d75ce752236

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