Lidar manufacturer Luminar acquires 82% stake in Forbes magazine without interfering with operation

CTOnews.com, May 13 (Xinhua)-- Austin Russell, chief executive of lidar maker Luminar Technologies, has acquired a majority stake in Forbes Global Media Group, the parent company of Forbes magazine, according to the Wall Street Journal.

According to reports, Russell will acquire an 82 per cent stake in Forbes at a valuation of $800m. In addition to Forbes's current controlling shareholder, Hong Kong-based Benhui Whale Media Investment Co., Ltd., the founder's Forbes family will also sell a minority stake in Forbes.

CTOnews.com reviewed the acquisition statement and learned that Russell himself would not interfere in the day-to-day operations of the company and that the shares acquired would be independent of his shares in Luminar. The company will retain a minority stake in Forbes and a board seat.

Forbes magazine was founded by BC Forbes in 1917. In 2014, Forbes sold 95 per cent of its shares to Hong Kong consortium Integrated Whale Media at a valuation of $475 million, and in 2022, the world's largest cryptocurrency exchange invested $200m in Forbes.