The CEO of Luminar Technologies has bought a controlling stake in Forbes -

Austin Russell, the CEO of Luminar Technologies, an electric vehicle technology company, has acquired 82% of Forbes’ shares, reports. Sarah Fisher Axios.

Fisher reports. “Forbes’ statement confirmed that Russell has acquired 82% of the company’s shares.

The source said the deal valued the company at $800 million, which a consortium of investors had targeted as a valuation for months.

“Yes, but. The statement did not include details on how Russell financed the deal.

Sources told Axios that companies that were interested in buying Forbes as part of the original consortium bid, including Sun Group and GSV Ventures, a Silicon Valley-based investment group, may still be involved in the deal.
Bringing Russell in as a majority stakeholder will help alleviate regulatory concerns about Sun Group’s involvement, as well as other foreign investors’ involvement.”