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.”

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