Luminar Tech CEO buys Forbes majority interest 2023

Austin Russell, CEO of Luminar Technologies, has acquired control of Forbes Global Media Holdings.

According to a joint statement from Russell and Integrated Whale Media Investments, the transaction values the business news publisher at almost $800 million.

A millionaire in the automotive technology industry named Russell has agreed to buy 82% of Forbes.

According to the announcement, this includes the Forbes family’s remaining share in the business.

Russell is stepping away from the company’s day-to-day operations.

The acquisition funds are not tied to his ownership in Luminar in any way.

IWM, Forbes’ parent firm in Hong Kong, will hold a minority share and one board member.

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

Forbes Media’s Chairman and Editor-in-Chief Steve Forbes will continue to play an active role in the business.

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