May 15, 2023
2 mins read

Billionaire Austin Russell buys 82% stake in Forbes

Russell plans to serve as a visionary for Forbes brand and won’t be involved in day-to-day operations..reports Asian Lite News

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.

ALSO READ: France to send more tanks to aid Ukraine’s war efforts

Previous Story

Kolkata beat Chennai to keep playoffs hope alive

Next Story

Funding into mom & baby care companies nosedives

Latest from Business

Airbnb Boosts India Economy

Among international guests, the largest inbound sources were the United States, United Kingdom, Canada, and Australia Hospitality giant Airbnb made a significant impact on India’s economy in 2024, contributing Rs 113 billion

Rupee, Markets Gain Amid Trade Optimism

Emerging market currencies, including the rupee, have gained support amid softening in the dollar. Reports suggesting that the US economy is on the verge of a recession have contributed to the greenback’s

Deadline Nears, India–EU Talks Heat Up

The success or failure of this round will shape how the two sides proceed, especially on difficult issues that have long blocked progress….reports Asian Lite News India and the European Union on

Gold Shines Bright Amid Global Jitters

Gold and silver continued their bullish run on Monday, scaling new highs amid mounting global uncertainties, heightened geopolitical tensions, and growing expectations of a US Federal Reserve rate cut. According to the

ADNOC signs 15-year LNG deal with Indian Oil

Under the deal, LNG cargoes can be delivered to any port across India, enhancing the country’s energy security and meeting its rising energy demand. Abu Dhabi National Oil Company (ADNOC) has signed
Go toTop

Don't Miss

Meet Forbes Middle East’s 100 Most Powerful Biz women in 2023

The 2023 ranking of the region’s top women in businesses

Forbes unveils Middle East’s Top 30 Banks 

For the second consecutive year, Qatar’s QNB Group tops the