Texas Tech Entrepreneur Dies in Private Jet Crash

A private jet crash near Laredo, Texas, resulted in the death of Joshua Baer, a 50-year-old founder of the Austin-based venture capital firm Capital Factory. The incident occurred late Tuesday when the aircraft, a Cessna Citation Latitude, was en route from San Jose del Cabo, Mexico, to Austin and reported a fuel emergency while attempting to land at Laredo International Airport.

Five individuals aboard the jet, including two pilots and three teenage passengers, survived the crash. Eyewitnesses described scenes of bystanders rushing to assist in rescuing survivors from the wreckage after the aircraft came down near a busy highway. Laredo Mayor Victor Trevino remarked on the incident, stating, "While the loss of life is deeply regrettable, it is nothing short of a miracle that this tragedy did not become a mass fatality event."

The cause of the crash is currently under investigation, with NetJets, the private aviation company involved, declining to speculate on the circumstances. In a statement, the company expressed concern for the well-being of those affected and stated that it would not comment further on the accident's cause. Former FAA investigator Jeff Guzzetti suggested that the crew might have been trying to glide to the airport after losing power in both engines, while Mary Schiavo, a former inspector general for the U.S. Transportation Department, indicated that a fuel leak could have contributed to the emergency.

Federal investigators have recovered the cockpit voice recorder and flight data recorder from the aircraft, which are being sent to Washington for analysis. This crash marks a significant incident for NetJets, being the first fatal crash associated with the company since its acquisition by Berkshire Hathaway in 1998.