San Francisco: 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. Luminar expects at least 100 per cent revenue growth in 2023.

Source: Forbes May 14, 2023 08:36 UTC