Luminar Technologies Inc. LAZR Chief Executive Austin Russell told The Wall Street Journal on Friday that he is buying an 82% stake in Forbes. The deal includes the remaining portion of the company owned by the Forbes family and ends a long sale process, the Journal reported. The company is profitable, the newspaper said, citing people familiar with the matter. Shares of Luminar edged higher in the extended session Friday after ending the day down 2.8%. The company develops lidar-based and other technologies for autonomous vehicles. In January at the CES conference Russell made the case for lidar as a safer AV system than others.
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