Dude, you’re getting richer

Austin tech giant's net worth surges past $50 billion following recent deal

You can bet your bottom dollar this tech billionaire is still on the rise.

Photo by Justin Sullivan/Getty Images

You’ve heard that the rich keep getting richer? Well, that’s definitely the case with Austin tech billionaire Michael Dell.

News this week of Round Rock-based Dell Technologies’ decision to spin off its 81 percent stake in software company VMware triggered a massive surge in Dell’s net worth, according to the Bloomberg news service. The Bloomberg Billionaires Index pegs Dell’s net worth at $50.7 billion as of April 15. It’s the first time his net worth has surpassed $50 billion. In the world’s pecking order of billionaires, Dell ranks 26th, Bloomberg says.

This year alone, Dell’s net worth has skyrocketed by $10.6 billion, or more than 25 percent, Bloomberg says. To put that into perspective, Bloomberg estimates the fortune of Austin vodka entrepreneur Bert “Tito” Beveridge at $9.68 billion.

What caused the massive bump in Dell’s net worth? Dell Technologies’ stock soared to a record high this week following the VMware announcement. Meanwhile, VMware’s stock also shot up.

For years, Dell had reigned as the richest person in Austin. Now, Tesla and SpaceX entrepreneur Elon Musk holds that title. The Bloomberg Billionaires Index puts Musk’s net worth at $189 billion, making him the world’s second richest person (behind Amazon’s Jeff Bezos). Just this year, Musk’s fortune has grown by $19.2 billion.

Musk also knocked Dell down a notch on the list of Texas billionaires. Walmart heiress Alice Walton now ranks second ($62 billion) in Texas behind Musk, Bloomberg says. That pushes Dell down to the No. 3 position. Dell is closing the wealth gap with Walton, though. Based on Bloomberg’s figures, Dell sits $11.3 billion behind Walton.

Ten Austin billionaires appeared on Forbes’ recently released list of the world’s richest people, with Musk and Dell topping the local ranking.

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development news

A new plaza may take some cars off Austin's famous Congress Avenue

Rendering of the proposed plaza on Congress Avenue in downtown Austin

Rendering courtesy of KVUE

Rows of parking spots might eventually be replaced with widened bike paths and more pedestrian space.

Austin's Congress Avenue could soon undergo some major changes.

Home to a selection of restaurants, vintage shops, bars and more, the city is looking to make the popular destination more pedestrian-friendly, with the help of the Congress Avenue Urban Design Initiative (CAUDI).

The project would include a series of changes stretching from Cesar Chavez Street to 11th Street, notably adding a public plaza from Seventh Street to 11th Street.

The city says the Ninth Street through 11th Street blocks can be fully upgraded with current funds, while Seventh Street to Ninth Street can be partially improved until additional investments are made.

Rendering of the proposed plaza on Congress Avenue in downtown Austin A bird's-eye view of the proposed plaza.Rendering courtesy of Congress Avenue Urban Design Initiative via KVUE

The implementation of the plaza would halt all drivers just north of Seventh Street while allowing drivers to continue on Seventh through 11th streets heading east and westward.

This isn't the only upgrade that could be coming to the area. The project would also eliminate all current parking options on Congress Avenue – roughly 94 spots – instead creating more room for walkability near the restaurants, shops and other popular areas.

Other changes include widened bicycle lanes and new turn lanes at the 100 and 500 blocks.

Rendering of the proposed plaza on Congress Avenue in downtown Austin A close-up brings the viewer into the action.City of Austin/austintexas.gov

So far, the project's first phase is expected to cost roughly $22 million, funded mostly by the 2020 Active Transportation and Safety Bond. The full initiative is projected at $130 million, with additional financial support needed.

Read the full story and watch the video at KVUE.com.

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