At Just 28, Tech Billionaire Austin Russell Acquires 82% Stakes in Forbes MagazineSan Francisco 13-May-2023Photo: Austin Russell/ InstagramAustin 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. 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.

Source: Forbes May 13, 2023 14:44 UTC