(Bloomberg) -- Austin Russell, a 28-year-old automotive technology tycoon, acquired an 82% stake in Forbes Global Media Holdings, parent of the well-known business magazine. The seller, Hong Kong-based Integrated Whale Media Investments will retain a minority stake. 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.

Source: Forbes May 13, 2023 06:01 UTC