Now he owns Forbes, In 2021 Austin Russell was the youngest billionaire. | May 6th 2023
Channel: Hacking Space Frontier
Date: 2023-05-13

The 28-year-old founder and CEO of Luminar, a company specializing in lidar and machine perception technologies for self-driving cars, is acquiring an 82% stake in Forbes Global Media Holdings for around $800 million. The stake includes the portion previously owned by the Forbes family, who sold 95% of the company in 2014. Luminar went public through a SPAC merger in 2021 but has faced challenges with a declining market cap and wider-than-expected losses. Some investors may question the CEO's decision to invest in Forbes, considering the challenges faced by media outlets and the impact of reduced advertising budgets. However, the CEO, who dropped out of Stanford to start Luminar, has expressed his admiration for Forbes as a brand and media empire. He plans to emphasize philanthropy within the business while not involving himself in its day-to-day operations.