Austin Russell   purchase of an 82% stake in Forbes Global Media Holdings

Agency, May 15. Austin Russell, the billionaire CEO of Luminar Technologies, has announced the purchase of an 82% stake in Forbes Global Media Holdings, the company that publishes Forbes magazine. Russell is only 28 years old. This deal has been done for $ 800 million (about Rs 6576 crore). At the same time, the remaining 18% stake in the company will be owned by the Forbes family.

According to the statement, Russell’s company will not be involved in the day-to-day operations of the Forbes brand. He plans to appoint a new board with Forbes American media, technology, and AI experts. In addition, Steve Forbes, Chairman, and Editor-in-Chief of Forbes Media, will remain involved with the company.

Luminar Technologies is a well-known automotive tech company with a market cap of $2.1 billion. Russell formed this company in 2012 at the age of 17. Earlier he had worked on photonics and optoelectronics. They have developed advanced lidar technology, which makes cars, and trucks safer. Russell has more than 100 such patents to his name. The main objective of the company is to eliminate road accidents.

Forbes is one of the oldest media companies in America. Its magazine reaches 5 million people worldwide. It releases the list of the world’s richest people every year. Along with this, the company also provides information about Real Time Billionaires.

Steve Forbes said ‘We welcome Austin Russell. He is a dynamic entrepreneur and thought leader who has built industry-leading businesses. His energy will enable Forbes to continue and enhance the work we are known for.