Austin Russell, a 28-year-old automotive expertise billionaire, acquired an 82 p.c stake in Forbes World Media Holdings, mother or father of the well-known Forbes enterprise journal.

The deal values the corporate at near $800 million, the events mentioned in a press release Friday. The vendor, Hong Kong-based Built-in Whale Media Investments will retain a minority stake. The Forbes household won’t, although Steve Forbes will stay concerned.

Russell is the CEO of Luminar Applied sciences Inc., which offers autonomous driving expertise to the automotive trade. The corporate, which has a $2.1 billion market capitalization, posted gross sales of $40.7 million final 12 months and isn’t worthwhile. Shares in Luminar fell 2.8 p.c to $5.53 on Friday.

Russell plans to function a visionary for Forbes model and received’t be concerned in day-to-day operations, in accordance with the assertion.

Forbes plans to nominate a brand new board consisting of American media, expertise and synthetic intelligence consultants. Built-in Whale will preserve one board seat.

Russell’s internet value is estimated at $1.6 billion, in accordance with Forbes.

The journal was based in 1917 by B.C. Forbes, a Scottish immigrant and enterprise columnist for the Hearst newspaper chain.