According to reports in the Wall Street Journal and Reuters on Friday, a 28 year old tech billionaire, Austin Russel, is set to purchase a majority stake in Forbes Global Media Holdings from its current owner, the Hong Kong-based Integrated Whale Media Investments (IWM).

Russel is the head of Luminar Technologies, an autonomous driving system technology company, which has a a $2.1 billion market capitalization.

The reports indicate Russel will acquire an 82% stake in Forbes, which will include the remaining shares which belong to the Forbes family. IMW will retain a minority stake. Steve Forbes, presently the chairman of the company, as well as the editor in chief, will stay on at the outlet. It is estimated the deal will be worth roughly $800 million,

According to the reports, Russell will not take part in the news or daily operations of the company, but instead will focus on boosting the growth of the business, as well as pursue philanthropic interests within the business.

He will also set up a new board at the company, including technology, media, and artificial intelligence experts.

In an interview with the Wall Street Journal, Russell said, “Forbes is something I had always looked up to as a brand and as a media empire.” Under questioning, he noted that the money for the deal was not drawn from his shares in Luminar, however he would not provide any further details.

In a statement to Reuters, Forbes CEO Mike Federle said, “It is only fitting that now through this transaction, a true innovator and visionary Austin Russell will be the new steward for the brand.”

At over 100 years old, Forbes is among the oldest media outlets in the United States. The outlet had at one time recognized Russell, featuring him in its “30 under 30” list of successful business leaders under age 30.

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