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The University of Texas system could beat out an Ivy League as the richest school

(UT Austin/Twitter)

The University of Texas system could overtake Harvard University as the U.S. school with the largest endowment.

That wealth is thanks to more than 2 million acres in the Permian Basin that the Texas college system oversees and leases to nearly 250 drillers.

With surging oil prices and production on its land, the UT system could reach its best-ever annual revenue this fiscal year, according to a report in Bloomberg.

Harvard’s endowment in June 2021 stood at $53.2 billion, higher than the UT system’s $42.9 billion. But oil reached a high of $120 a barrel earlier this year, driving in more revenue for the Texas system. The system collects a royalty averaging more than 22% per barrel.

Revenue from oil and gas is invested with the University of Texas/Texas A&M Investment Management Co. Then through an annual payout, the UT campus in Austin is supported along with two A&M schools.

Where that money ultimately trickles down is guided by the state constitution, which allows funds to be spent on capital expenses, but not daily operations or for tuition assistance or scholarships.

This revenue has come with criticism. In 2016, an Austin-based group known as Environment Texas launched a campaign called “UT’s Dirty Little Secret” to highlight the pollution.

As a result of public pressure, there’s now an infrared camera to detect methane leaks and a grant program so that operators can upgrade to equipment that would reduce emissions.

Environment Texas told Bloomberg that they want further action and a long-term plan to cease oil and gas dependence.


Airport braces for high traffic this month with ACL and F1 drawing in travelers

(AUS airport/Instagram)

With major entertainment events slated for October, the Austin-Bergstrom International Airport is gearing up for a busy month.

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With deposition and trial looming, Elon Musk has offered $44B for Twitter, again

Elon Musk has proposed once again to buy Twitter for $54.20 a share.

The news that Musk is offering to carry on with the $44 billion buyout was first reported by Bloomberg. Now, a filing with the Securities and Exchange Commission shows Musk made the proposal in a letter to the tech giant on Monday.

The New York Stock Exchange temporarily halted trading in Twitter stock twice Tuesday, first because of a big price move and the second time for a news event, presumably the announcement of Musk's renewed offer.

While the per share offer price on this latest proposal remains the same as the original offer, it’s unclear if Musk has made other term changes or if Twitter would reject it. According to other reports, a deal could be reached this week.

The stock closed at $52.00/share Tuesday, indicating market uncertainty around the $54.20 offer.

After Musk informed Twitter of plans to terminate the original agreement in July, Twitter sued. A trial has been expected in Delaware Chancery Court on Oct. 17.

With the proposition of a buyout on the table again, it revives the question of whether Musk might move Twitter from San Francisco to Central Texas.

He’s done so with some of his other companies. Tesla’s headquarters in southeast Travis County had its grand opening earlier this year and tunneling business The Boring Company moved to Pflugerville. At least two other Musk companies, SpaceX and Neuralink, have a Central Texas presence without being headquartered here.

Technology journalist Nilay Patel this afternoon voiced concerns that owning Twitter and Tesla together could be problematic for Musk, as his Tesla manufacturing facilities in Germany and China are both in countries that have disputes with Twitter over content moderation and censorship.

Telsa shares fell after the Twitter news became public, before rallying to close up, at $249.44.