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Luminar Founder Austin Russell Youngest Self Made Billionaire
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Luminar Founder Austin Russell Youngest Self Made Billionaire 

L
uminar Technologies Inc. debuted as a public company on the stock market on Thursday, December 3, 2020Luminar Founder Austin Russell youngest self made billionaire.

The market value of Luminar Technologies Inc. stands at a value of about 7.8 billion dollars. This success introduced the CEO, Austin Russell, as the “world’s newest and youngest self-made billionaire”.

The company, Luminar Technologies Inc., produces self-driving or autonomous cars. Austin Russell had received a fellowship amount of $100,000 in offering from Paypal Cofounder Peter Thiel. After that, the recently named billionaire started building up his company. And now the shares he owns are worth $2.4 billion as of Thursday.

Luminar Founder Austin Russell Youngest Self Made Billionaire

Luminar Technologies Inc. is an automotive company that makes software and autonomous vehicle sensors for automobiles. Luminar Technologies Inc. was founded in 2012, it has a team of 350 people. The company has raised over 250 million dollars in venture capital funding.

The company works with similar technology in automotive as Tesla (TSLA) and Nissan (NSANY) does. The difference is, LAZR (Luminar Technologies Inc.) uses lidar tech as distance measure whereas the others use radar and GPS tech. Lidar technology uses laser sensors. This is what makes it interesting, giving the vehicles a 3D view and helps navigate.

The company went public recently through SPAC (Special Purpose Acquisition Company) listed in NASDAQ. The CEO owns 104.7 million shares of the company. As of Friday, Luminar Technologies Inc. is set to be valued worth more than 3 billion dollars.

Peter Thiel, the co-founder of Paypal, has remarked,

“You can build a billion-dollar business but that does not mean you can become a billionaire… It’s remarkable from a financing perspective to retain a financial stake of that size.”

According to a recent interview with Forbes, Austin Russell said,

“It’s been insanely intense, grueling. Everything through every day that we’ve had to go through, scaling this up. And of course, it’s incredibly rewarding to have an opportunity to be able to get out there now and get into the public markets and scale through this IPO SPAC,”

he also added,

“I’m still relatively young… And I was fortunate enough to be able to retain a good enough stake.”

The company’s stock has doubled since its debut in the stock market, rallying an astounding amount of 40% increase on the NASDAQ COMP. Austin Russell, the world’s newest and youngest self-made billionaire, has mentioned in his interview with Forbes that he has set ambitious goals to work with Road Safety technology in the future.

Read More: Salesforce Buys Slack: $27.7 Billion Deal

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