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Austin Russell (entrepreneur)
American entrepreneur From Wikipedia, the free encyclopedia
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Austin Russell (born March 14, 1995) is an American entrepreneur, founder and former CEO of now bankrupt Luminar Technologies.[3] Luminar specializes in lidar and machine perception technologies, mainly used in autonomous cars. Luminar went public in December 2020, temporarily making him a billionaire. In fact, he was the youngest billionaire at the age of 25[4] until Alexandr Wang (cofounder of Scale AI) became a self-made billionaire at the age of 24 in 2022.[5] In May 2023, Russell began negotiating a contract to become the majority owner of Forbes, but the deal fell through in November after Russell was unable to fund it.
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Early life and education
Russell grew up in Newport Beach, California.[2] At age 15, Russell applied for his first patent for a groundwater recycling system to reuse water from sprinklers.[6] When he was 15, Russell's parents introduced him to laser entrepreneur Jason Eichenholz, who became Russell's mentor and later joined Luminar as co-founder[7] and chief technology officer.[8]
He graduated from St. Margaret's Episcopal School in 2013.[9] He also studied at the Beckman Laser Institute at the University of California, Irvine[10] while in high school.[10] Russell has said that he often teaches himself new skills from Wikipedia articles and YouTube videos.[11]
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Luminar
Summarize
Perspective
Russell founded Luminar in 2012[12] while he was still in high school,[13] shortly before turning 17.[2] After graduating from high school, he attended Stanford University for three months,[14] taking courses in applied physics.[15] Russell won $100,000 from the Thiel Fellowship in 2013, leading him to drop out[16][12] and focus on Luminar full-time.[17]
The company spent its first five years in stealth mode.[18] Rather than purchasing components, Russell engineered and manufactured Luminar's lidar components himself.[19][20]
On December 3, 2020, Luminar went public,[21] trading on the Nasdaq as LAZR.[13] Russell's 104.7 million shares, roughly one-third of Luminar's equity, were worth $2.4 billion at the close of trading on December 3,[22] making Russell the world's youngest self-made billionaire.[23][24] He also became chairman of the company at this time.[21] Although, he is no longer a billionaire; at the age of 25, he become the youngest ever self-made billionaire and he held that title from 2020 until 2022 when Alexandr Wang (cofounder of Scale AI) became a billionaire at age 24.[25]
On May 14, 2025, Luminar announced via a press release that Austin Russell resigned as President, CEO, and as the Chairperson of the Board, effective immediately. The press release also stated the resignation followed a Code of Business Conduct and Ethics inquiry by the Audit Committee of Luminar’s Board of Directors.[26]
On December 15, 2025, Luminar declared Chapter 11 bankruptcy.[27]
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Forbes
In May 2023, Russell entered into negotiations to acquire an 82 percent stake in Forbes, valuing the company at $800 million.[28] If the transaction had proceeded, his majority stake would have included the remaining portion of the company owned by the Forbes family, which was not previously sold to Hong Kong-based investor group Integrated Whale Media.[29] Kremlin-connected tycoon Magomed Musaev claimed to be behind the attempted purchase,[30] suggesting a variety of motives, including the intent to conceal his involvement.[30] In November 2023, it was revealed the deal had collapsed due to Russell’s failure to secure the necessary funds.[4]
Philanthropy
On January 1, 2022, Russell donated $4 million to Team Seas, allowing the fundraiser to reach its goal of $30 million raised.[31] In 2021, he donated $70 million to the Central Florida Foundation, ranking him among the top 50 philanthropists globally, that year.[32]
Recognition
- In 2017, MIT Technology Review named Russell an "Innovator Under 35".[33]
- In 2018, Forbes named Russell to its "30 Under 30" list for founding and leading Luminar.[34]
- Russell appeared on the Fortune magazine 40 Under 40 list in 2021.[35]
- Motor Trend ranked Russell #41 on its 2022 Power List.[36]
References
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