Austin Russell Acquires Majority Stake in Forbes Magazine

Austin Russell, a 28-year-old automotive technology tycoon, acquired an 82% stake in Forbes Global Media Holdings, parent of the well-known business magazine.

The deal values the company at close to $800 million, the parties said in a statement Friday. The seller, Hong Kong-based Integrated Whale Media Investments will retain a minority stake. The Forbes family will not, though Steve Forbes will remain involved.

Austin Russell

Photographer: Jordan Vonderhaar/Bloomberg

Russell is the chief executive officer of Luminar Technologies Inc., which provides antonomous driving technology to the automotive industry. The company, which has a $2.1 billion market capitalization, posted sales of $40.7 million last ...