Forbes' New Chapter: Billionaire Austin Russell Steps In As Majority Stakeholder
🚨 Confirmed. This deal is made to look like it’s Austin Russell buying 82% of this asset but it’s not. The bid is being financially supported by Sun Group, GSV, and others. Russell’s bid a cover to make it look like the deal being vastly acquired by American money https://t.co/0bObaQcZAH
— Sara Fischer (@sarafischer) May 13, 2023
Austin Russell, the CEO of Luminar Technologies and the youngest self-made billionaire, is set to acquire a majority stake in the renowned business publication Forbes, heralding a new era for the century-old magazine. The move follows Forbes' continued push into digital transformation, with Russell's tech-savvy expected to play a key role in accelerating this shift.
Russell, who became a billionaire in 2021 following the success of his self-driving car tech company, Luminar, will take the helm at Forbes as it navigates the evolving media landscape. The acquisition is expected to bring fresh perspectives and innovative strategies to Forbes, leveraging Russell's extensive experience in the tech industry.
While the deal's financial details were not disclosed, the Wall Street Journal reported that it values Forbes at more than $650 million. The acquisition will give Russell control over most of the magazine's voting shares, giving him a significant say in its future direction.
Commenting on the acquisition, Russell stated his intent to uphold Forbes' longstanding commitment to high-quality journalism while looking to the future.
Forbes has always been a beacon of entrepreneurial capitalism, and I am excited to help shape its future,
he said.
The acquisition by Russell comes at a time when Forbes has been working to expand its digital presence and diversify its business model. The magazine, known for its rich lists and business features, has been venturing into new areas such as live events and data licensing.
Russell's tech expertise and entrepreneurial understanding are expected to boost these efforts, bringing a fresh vision to the venerable publication. As Forbes steps into this new chapter, the world will be keenly watching the impact of Russell's leadership on the magazine's evolution.