Luminar Technologies founder and CEO Austin Russell has become the majority owner of Forbes Global Media, the publisher of Forbes magazine. According to the results of the transaction, Forbes is estimated at almost 800 million dollars.
This is reported by the Wall Street Journal, citing the 28-year-old billionaire himself. The businessman acquired an 82% stake in Forbes Global Media, including the stake that belonged to the Forbes family.
WSJ interlocutors claim that Russell became the majority shareholder of a “profitable company.” The amount of the transaction is not disclosed.
The businessman emphasized that he did not intend to participate in the publication’s editorial policy or influence news coverage. In addition, Russell plans to update the board of directors, inviting experts in the field of media, technology and artificial intelligence.
Since 2014, Hong Kong-based Integrated Whale Media Investments has owned 95% of Forbes’ shares. It will continue to be a minority shareholder of the magazine’s publisher.
Luminar Technologies is a manufacturer of sensors and software for automobile security systems and autopilots, founded in 2012. Forbes estimates the fortune of the company’s CEO at $1.6 billion.
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Author:
Ahmed Sadulayev
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
