Austin Russell Wiki – Austin Russell Biography
Austin Russell secured a sizable fortune after his company’s public debut on Thursday. The Florida-based firm makes so-called lidar scanners that use lasers to give autonomous vehicles a three-dimensional view of the road and its surroundings.
The public offering was a huge success for Luminar, who Russell founded when he was just 17 years old. Its stock price rose nearly 28 percent on the day to close at $ 22.98, giving the company a market value of about $ 7.8 billion, the Wall Street Journal reported.
That made Russell’s stake of 104.7 million shares – about a third of the company’s outstanding shares – worth $ 2.4 billion, according to Forbes, which called him the world’s youngest billionaire. His wealth could grow even further Friday with Luminar shares rising about 21 percent to $ 27.80 in pre-market trading at 7:59 a.m.
“It’s totally surreal and it makes a lot of sense and it’s hard to explain the dichotomy, but this has always been the goal,” Russell told CNBC on Thursday. “We created the company to be a long-term sustainable business and to empower the future of autonomy for all these automakers.”
Russell is one of the first billionaires to emerge from the autonomous vehicle market. He reportedly left Stanford University as a teenager in 2012 to start Luminar with the help of a scholarship sponsored by Peter Thiel, the Silicon Valley mogul who also invested in Facebook and Palantir.
Under Russell’s leadership, Luminar signed an agreement to supply lidar units for Volvo vehicles and secured partnerships with Daimler Truck and Mobileye, Intel’s autonomous vehicle unit.
The company has projected long-term annual revenue in billions of dollars, but posted a net loss of nearly $ 95 million last year on nearly $ 13 million in revenue. Its financial growth will reportedly depend on converting its research partnerships into production deals.
“Now it’s all about scale, execution and compliance,” Russell told Reuters.
Luminar is the latest fashion company to go public by merging with a Special Purpose Acquisition Company, or SPAC, a publicly traded company that was created solely to merge with another company taking over its listing. . Luminar was bought in August by Gores Metropoulos Inc., backed by billionaires Alec Gores and Dean Metropoulos.
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Austin Russell Age
Austin Russell is 25 years old.