Austin Russell has just acquired a majority stake in Forbes Global Media Holdings, the parent body of the well-known business magazine. He paid $800 million of 82% stake in the company, having bought the shares from the seller, Hong Kong-based Integrated Whale Media Investments, who will retain a minority stake.
He is the chief executive officer of Luminar Technologies Inc., which specializes in lidar and machine perception technologies, mainly used in autonomous cars. Russell says he will not be involved in day-to-day operations but plans to serve as a visionary for Forbes brand. To help guide the company into its next chapter, Forbes will empower a new board consisting of American media, tech, and AI experts at the top of their fields
At the young age of 17, Russell established Luminar in 2012 while still in high school. Following his graduation, he briefly attended Stanford University, studying applied physics for three months. However, winning the prestigious $100,000 Thiel Fellowship in 2013 compelled him to drop out of college and dedicate his efforts to Luminar on a full-time basis.
During its initial five years, the company operated in stealth mode, with Russell personally engineering and manufacturing Luminar’s lidar components instead of relying on purchased parts.
Luminar made its debut on the Nasdaq stock exchange under the ticker symbol LAZR on December 3, 2020. On that day, Austin Russell’s 104.7 million shares, which accounted for approximately one third of Luminar’s equity, reached a value of $2.4 billion by the end of trading. This significant achievement bestowed upon Russell the title of the world’s youngest self-made billionaire. Concurrently, he assumed the role of chairman of the company.
Founded in 1917 by B.C. Forbes, a Scottish immigrant and business columnist for the Hearst newspaper chain, Forbes is a household name in the media industry.
When asked about the transaction, Austin said; “For over 100 years, Forbes has served as the authority representing success and business news at a global scale, and I’m honored to be selected by the owners as the new steward of the brand.”
“Today, success should no longer represent wealth accumulation at any cost, but instead be defined by how value is created and the positive ripple effects it can have. My hope is that Forbes can continue to even better serve its readership by helping objectively inform, recognize, and challenge leaders to tackle society’s biggest challenges under this mission, with high quality content as well as platforms for its business-focused community” he added.
“We welcome Austin Russell. He is a dynamic entrepreneur and thought leader who has built an industry-leading business from the ground up. His energy and vision will enable Forbes to continue and enhance the excellent work for which we are known,” said Steve Forbes, Chairman and Editor-in-Chief of Forbes Media.
As part of the transaction, the remaining stake of Forbes owned by the Forbes family will be acquired by the new owner. However, Steve Forbes will remain involved in the company.
