[ad_1]
Austin Russell: A 28-year-old billionaire has bought a major stake in Forbes magazine. Automotive technology company Luminar Technologies has acquired 82 per cent stake in Forbes Global Media Holdings. The media house company’s deal has been done for 800 million dollars.
According to a Wall Street Journal report, the billionaire’s stake includes the remainder of the company owned by his family, which in 2014 sold 95 per cent of the company to Hong Kong-based investor group Integrated Whale Media Investments.
Russell’s big plan for Forbes
According to a company statement, Russell Forbes plans to serve as a visionary for the brand and will not be involved in day-to-day operations. Forbes is planning to appoint a new board consisting of American media technology and AI experts. The integrated whale will also hold a board seat.
About Luminar Technologies
Russell will not be involved in the day-to-day operations at Forbes, founded in 1917, on behalf of BC Forbes, and will appoint a new board of the publication with American media, technology and AI experts. Let us tell you that Russell’s company Luminar Technologies currently has a market cap of $ 2.1 billion. Over the past decade, Luminar has built an advanced hardware and software platform to enable its more than 50 partners.
These vehicles were prepared
The company has built vehicles ranging from Volvo Cars and Mercedes-Benz for customer vehicles and Daimler Trucks for commercial trucks to technology partners NVIDIA and Intel’s Mobileye. The company has a strong balance sheet and has generated good revenue in 2023.
read this also
Big relief to Adani Group, BSE and NSE exclude three companies from ASM framework
[ad_2]
Source link