Markets 
NEWYou can now listen to Fox News articles!
Capital Factory founder and Austin tech leader Joshua Baer has been identified as the person killed in a business jet crash along a highway in Laredo, Texas, on Tuesday night.
The plane was carrying six people when it crashed on Loop 20 in Laredo, Texas, shortly after 10 p.m., according to Jose Baeza, an investigator with the Laredo Police Department. The Cessna Citation Latitude twin jet departed Tuesday evening from the Mexican resort city of San José del Cabo and was bound for Austin, Texas, the Federal Aviation Administration said in a statement.
Bryan Chambers, the president of the software accelerator and investment company, told the Austin American-Statesman that “Joshua was a fearless leader, a brilliant partner, and a dear friend to so many of us,” and, “While we are devastated by this unimaginable loss, Josh built an incredibly resilient organization and team.”
“Capital Factory remains fully operational, and we are completely committed to continuing his mission of backing unstoppable founders,” he added.
SMALL PLANE CRASHES NEAR HICKS AIRFIELD IN TEXAS, REPORTEDLY CAUSING MULTIPLE SEMI-TRUCK FIRES
The cause of the crash was not immediately known. The FAA and the National Transportation Safety Board are investigating.
The pilot, while radioing air traffic controllers, “mentioned low fuel and a power outage,” Laredo International Airport Director Gilberto Sanchez said, according to The Associated Press.
“They had mechanical issues, and they lost communication with the tower,” Sanchez said Wednesday, “and that’s when the accident happened.”
Baeza also said a vehicle was struck by the aircraft. The person in that car was sent to a hospital in stable condition, the AP reported.
Video posted to social media showed the plane on its side and smashed into a highway barrier as the tail was ripped from the fuselage.
Sen. Ted Cruz, R-Texas, said Wednesday that he and his wife Heidi were “deeply saddened by the passing of Josh Baer and the tragic plane crash in Laredo.”
“Josh has been one of the most significant figures driving innovation and entrepreneurship across America. In Texas, he made our state a global leader. His impact was incalculable,” Cruz wrote on X. “Our prayers are with his family and the others aboard the aircraft.”
MISSOURI SKYDIVING PLANE CRASH THAT KILLED ALL 12 ABOARD IS A ‘DEVASTATING LOSS,’ COMPANY SAYS
“Josh was an innovative and creative leader in Austin’s entrepreneurial culture and a stalwart supporter of growing Central Texas’ military ecosystem,” added Sen. John Cornyn, R-Texas.
Authorities initially did not report serious injuries on the ground, though five responding officers were transported to the hospital for smoke inhalation, according to Baeza. Loop 20 also was temporarily closed after the crash, Baeza added.
NetJets said in a statement that the crash involved one of its planes. The company said it is working with authorities.
Fox News Digital has reached out to Capital Factory for comment.
The University of Texas at Austin said Baer lived in Austin with his wife and three children.
CLICK HERE TO DOWNLOAD THE FOX NEWS APP
“At UT Austin, Josh co-teaches the Longhorn Startup Seminar and Lab,” it said in a biography of him on its website. “He also acts as the Entrepreneur in Residence for the Department of Computer Science.”
The Associated Press contributed to this report.
Read the full article here
