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Luminar Technologies: Forbes List: After Scandal Around Kylie Jenner, Austin Russell is the youngest self-made billionaire in 2021 | message




The business magazine Forbes regularly compiles lists of the richest people in the world, giving status to people in various special positions. In 2019, celebrity and cosmetics entrepreneur Kylie Jenner was called the “youngest self-made billionaire”, a year later she was denied the title again due to a scandal. In the new list of the youngest self-made billionaires in 2021, 23-year-old Jenner, whose fortune is estimated by Forbes at around $700 million, must give up her place and title to 26-year-old Austin Russell.

Jenner: Forbes exclusion for falsification of company value



The reason for Jenner’s removal from the list: She had made the public value of her company Kylie Cosmetics look higher than it actually was, Forbes reports. She initially defended herself against allegations of this kind via Twitter, among other things, but Forbes did not give in and left it at the exclusion from the list.

Austin Russell leaves university at the age of 17



And so Austin Russell is now listed by Forbes as the youngest self-made billionaire. The young entrepreneur is the founder and CEO of Luminar Technologies. With his company, Russell manufactures technologies for autonomous driving – his LiDAR sensors are installed in Volvos and Toyotas, for example, according to Business Insider. Elon Musk However, he has apparently not yet been able to convince: The Tesla CEO does not rely on sensors for autonomous driving technologies, but on outdoor cameras. According to Russell Forbes, the idea to found the company was already in his teens, and he received the financial support for its implementation in 2012 from billionaire and investor Peter Thiel. He provided the then 17-year-old physics student Russell with 100,000 US dollars, Russell broke off his studies and founded Luminar Technologies.


However, Russell only became a billionaire in December last year, when his company was listed on NASDAQ through a shell company (SPAC).

Russell is the second richest self-made billionaire under 30



After about a quarter as CEO of a NASDAQ company, Forbes estimates Austin Russell’s assets to be around $2 billion in April 2021. In total, there are only four self-made billionaires under the age of 30 on the 2021 Forbes list. These include crypto investor Sam Bankman-Fried ($8.7 billion) as well as Andy Fang and Stanley Tang, founders of delivery service DoorDash ($1.9 billion each). According to the business magazine, Russell is the youngest self-made billionaire in 2021, but is only in second place in terms of wealth compared to the other self-made billionaires under 30.


Olga Rogler / Editor finanzen.net

Image sources: Christian Zachariasen/Getty Images, Ovidiu Hrubaru / Shutterstock.com



Arjun Sethi
Passionate guitarist, gamer and writer. Lives for the perfect review, and scrapes texts until they are razor-sharp.
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