28-year-old billionaire Austin Russell acquires 82% stake in Forbes
Russell`s stake includes the remaining portion of the company owned by its namesake family, which sold 95 per cent of the company to Hong Kong-based investor group Integrated Whale Media Investments in 2014.
Austin Russell, 28-year-old Chairman and CEO of automotive technology company Luminar Technologies, has acquired 82 per cent stake in Forbes Global Media Holdings, that published the Forbes magazine, in a deal that values the media house at nearly $800 million.
According to a report in Wall Street Journal, Russell`s stake includes the remaining portion of the company owned by its namesake family, which sold 95 per cent of the company to Hong Kong-based investor group Integrated Whale Media Investments in 2014.
Integrated Whale Media will retain a minority stake, according to the report late on Friday.
Russell plans to serve as a visionary for Forbes brand and won`t be involved in day-to-day operations, according to the statement.
Forbes plans to appoint a new board consisting of American media, technology and artificial intelligence experts. Integrated Whale will keep one board seat.
Russell will not be involved in day-to-day operations at Forbes, founded in 1917 by BC Forbes, and the publication plans to appoint a new board with US media, technology and artificial intelligence (AI) experts.
Luminar Technologies currently has a $2.1 billion market cap.
For the past decade, Luminar has built an advanced hardware and software platform to enable its more than 50 industry partners, including the majority of global automotive OEMs.
From Volvo Cars and Mercedes-Benz for consumer vehicles and Daimler Trucks for commercial trucks, to tech partners NVIDIA and Intel`s Mobileye, Luminar is poised to be the first automotive technology company to enable next-generation safety and autonomous capabilities for production vehicles.
In Q1 2023, Luminar said it exceeded its revenue guidance and maintains a strong balance sheet for accelerating business growth and reaching positive cash flow.
It posted revenue of $14.5 million, up 112 per cent year-over-year. Luminar expects at least 100 per cent revenue growth in 2023.
"Luminar is firing on all cylinders and successfully proving our ability to execute, industrialise and capitalise on our business. Over the past quarter, leading automakers have continued to expand our technology across their vehicle lineups, betting on the future of their ADAS and autonomous roadmaps in partnership with Luminar," said Russell.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
12:23 PM IST