All articles tagged with #luminar technologies
Luminar Technologies filed for Chapter 11 bankruptcy after losing a major Volvo contract, planning to sell its chip business to Quantum Computing for $110 million to maximize shareholder value, while continuing to support its LiDAR product operations during the restructuring.
Austin Russell, the 28-year-old CEO of Luminar Technologies, has acquired an 82% stake in Forbes Global Media Holdings, valuing the media outlet at nearly $800 million. The acquisition has parallels to the TV show Succession, wherein a young tech mogul takes over an older media brand. Russell plans to focus on continuing Forbes' growth and emphasizing philanthropy within the business, while the remaining stake will be held by Hong Kong-based Integrated Whale Media Investments.
Austin Russell, the CEO of Luminar Technologies, is set to acquire an 82% stake in Forbes Global Media Holdings, valuing the business media outlet at nearly $800 million. The deal includes the remaining portion of the company owned by its namesake family and concludes a lengthy sale process.
GameStop's stock surged 44% after posting a quarterly profit for the first time in two years, while Luminar Technologies' shares dropped nearly 9.2% after being downgraded by Goldman Sachs. Petco Health and Wellness fell by 7.8% after reporting Q4 earnings that missed Wall Street's expectations. Virgin Orbit Holdings' shares soared by nearly 73.3% after aiming to close a deal for a $200 million investment from Texas-based venture capital investor Matthew Brown. Boeing's shares declined by 1.3% on news that it will take additional charges to its KC-46 tanker program due to a supplier quality issue with the center fuel tank.