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. 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. 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.

Source: Forbes May 13, 2023 07:05 UTC