Austin Russell, the 28-year-old Chairman and CEO of Luminar Technologies, has purchased an 82% share in Forbes Global Media Holdings, the publisher of Forbes magazine, in a deal worth almost $800 million. The remaining interest in the business is owned by the Russell family, after its namesake family sold 95% of it to Forbes proposes to establish a new board of American media, technology, and artificial intelligence specialists while retaining one board position for Integrated Whale.
According to a statement released on Friday, Russell will not be involved in the day-to-day operations of Forbes but will instead act as a visionary for the Forbes brand. Forbes, which was founded in 1917 by BC Forbes, will select a new board of directors made up of US media, technology, and artificial intelligence (AI) specialists, without Russell’s involvement in day-to-day operations.
The acquisition by Russell marks a significant move into media by the young entrepreneur, who is known for his work in the autonomous vehicle space. Luminar Technologies specializes in lidar sensors, which help self-driving cars detect and avoid obstacles.
Forbes has long been a leading voice in business and finance news, and the appointment of a board with expertise in technology and AI is likely to enhance the publication’s coverage of these areas. The acquisition by Russell, meanwhile, could help Forbes to stay ahead of the curve in terms of emerging technologies and their impact on business and finance.
In conclusion, the purchase of Forbes Global Media Holdings by Austin Russell, the CEO of Luminar Technologies, for close to $800 million, marks a significant move into media by the young entrepreneur. Forbes plans to appoint a new board of directors with expertise in American media, technology, and artificial intelligence, which is likely to enhance the publication’s coverage of these areas. Russell won’t be involved in the publication’s daily operations but instead serve as a visionary for the Forbes brand.
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