Austin Russell, the 28-year-old Chairman and CEO of Luminar Technologies, purchased an 82% stake in Forbes Global Media Holdings.

The deal gives the company a value of almost $800 million. Russell, the founder of Luminar Technologies and a Stanford University dropout, achieved self-made billionaire status at the age of 25.

According to the statement, Russell won't be involved in day-to-day operations but will act as a visionary for the Forbes brand.

Forbes intends to appoint a new board of directors comprised of experts in American. Forbes, one of the oldest publications in the United States, presents the eponymous flagship magazine, which has a readership of 5 million.