Texas Comptroller Omits SpaceX-Tied Firm From Financial Disclosure

Don Huffines, the Texas comptroller, omitted his leadership role at a private equity firm from his personal financial disclosure form filed in February. The firm, Huffines Enterprises Science & Technology, known as HEST, lists Elon Musk’s SpaceX as part of its investment portfolio. State law requires elected officials to detail executive roles in businesses they hold, regardless of whether they receive income from them.

Huffines took over the comptroller’s office in July after Gov. Greg Abbott appointed him to replace acting Comptroller Kelly Hancock. He won the Republican primary in March and is now on the November ballot against Democrat Sarah Eckhardt. The office he leads administers tax break programs that have awarded over $1.7 billion to SpaceX and its affiliates, including TeraFab AI.

Records from the comptroller’s office show that Huffines was listed as a manager for HEST in a state filing signed in September. His son, Colin Huffines, is also listed as a manager. A website archive indicates that Huffines was featured as president of the firm as of early February. That specific page on the HEST website has been offline since at least March, shortly after Huffines submitted his financial statement to the state. Another son, Russell Huffines, was listed as vice president on the site.

The HEST website identifies the company as a Dallas-based firm connected to the Huffines Communities real estate empire founded by Don and his twin brother, Phillip. Pitchbook, a private market tracker, confirms the firm invests in SpaceX, though the specific amount is not public. SpaceX representatives did not respond to requests for comment regarding the connection.

Allen Blakemore, a spokesperson for the Huffines campaign, stated that Huffines holds no personal ownership interest in HEST or SpaceX and has received no income from either entity. Blakemore emphasized that since taking office, Huffines has not approved or influenced any incentives for entities with which he has financial involvement. He noted that all SpaceX incentives were approved before Huffines was sworn in.

Andy Cates, a political lawyer and ethics expert, argued that the timing of the approvals is irrelevant to the disclosure requirement. He explained that being a manager of a family firm is a holding that requires disclosure. Cates said the purpose of these forms is to allow citizens to evaluate potential conflicts of interest. He added that when politicians omit information, the public increasingly presumes the omission was intentional rather than a mistake.

The comptroller’s office approved eight tax incentive agreements with TeraFab AI, an entity linked to SpaceX, under previous leadership. These incentives exempt the company from nearly $1.7 billion in local school taxes through 2046 if all four phases of its semiconductor facility are built. The project is described by Musk as the largest semiconductor manufacturing facility in the world. SpaceX also received up to $11.25 million in tax breaks for other projects, including Starbase and a Starlink campus expansion in Bastrop County.

State law does not impose an automatic civil or criminal penalty for omitting information on a financial disclosure form, though it is a crime to knowingly fail to file one entirely. Any Texas resident can file a sworn complaint for investigation. The highest penalty ever levied by the commission was $100,000 against Judge Sharon Keller for failing to include several income sources. The comptroller’s office continues to oversee compliance and can revoke agreements if awardees fail to meet requirements.