MOSCOW (Pakistan Point News / Sputnik - 13th May, 2023) Austin Russell, a 28-year-old billionaire and CEO of electric vehicle technology company Luminar Technologies, says he is purchasing a majority stake in Forbes Global Media Holdings, The Wall Street Journal reports.
Russell has agreed to acquire an 82% majority stake in the media firm, with the deal valuing Forbes at nearly $800 million, the newspaper said on Friday.
Hong Kong-based Integrated Whale Media Investments will retain a minority stake in the company.
According to The Wall Street Journal, Russell does not plan to influence day-to-day news coverage by Forbes, but is planning to focus on the company's growth and philanthropy.
