Luminar Tech CEO acquires majority stake in Forbes

Austin Russell, CEO of Luminar Technologies, acquires a controlling stake in Forbes Global Media Holdings.

The deal values ​​the business news publisher at nearly $800 million, according to a statement from Russell and Integrated Whale Media Investments.

Russell, an automotive tech billionaire has agreed to acquire 82% of Forbes.

This stake includes the remaining portion of the company owned by the Forbes family, the statement said.


Austin Russell

Austin Russell, Chairman and CEO of Luminar Technologies Inc.

Russell will not be involved in the day-to-day operations of the company.


The capital for the acquisition is independent of this its involvement in Luminar.

Forbes’ Hong Kong-based parent company IWM retains a minority stake in the company and also retains a seat on the board.

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Forbes logo

Forbes magazine logo.

“It is only fitting that through this transaction, a true innovator and visionary, Austin Russell, will become the new steward of the brand,” Forbes CEO Mike Federle said in a statement to Reuters.

Steve Forbes, chairman and editor-in-chief of Forbes Media, remains with the company.

Steve Forbes

Steve Forbes, Chairman and Editor-in-Chief of Forbes Media

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Forbes flagship magazine reaches five million readers.

The deal was first reported in The Wall Street Journal.

Reuters contributed to this report Luminar Tech CEO acquires majority stake in Forbes

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