28-Year-Old Billionaire and Self-Made Tech Pioneer Makes Strategic Move to Take Over Iconic Media Brand
In a move that has sent shockwaves through the media industry, Austin Russell, the 28-year-old billionaire CEO of Luminar Technologies, has acquired an 82% stake in Forbes Global Media Holdings. The deal, which is reportedly worth $800 million, gives Russell control of the iconic media brand, which has been in the Forbes family for over a century.
Russell is a self-made tech pioneer who dropped out of Stanford University at the age of 19 to start Luminar Technologies. The company specializes in developing lidar technology for self-driving cars. In 2020, Luminar went public through a SPAC merger, making Russell a billionaire at the age of 25.
Russell’s acquisition of Forbes is seen as a major coup for the young entrepreneur. Forbes is a well-respected media brand with a global audience of millions. The magazine has been covering business and finance for over a century, and it is also known for its annual rankings of the world’s richest people.
Russell has said that he plans to invest heavily in Forbes and turn it into a “digital-first” media company. He also plans to expand the magazine’s coverage of technology and innovation.
The acquisition of Forbes is a major win for Russell, and it is sure to have a significant impact on the media landscape. It will be interesting to see how Russell shapes Forbes in the years to come.
