Austin Russell dropped out of Stanford and later founded driverless-car startup Luminar Technologies. Now he’s set to become one of the youngest self-made billionaires.
After Luminar goes public, Russell will hold a roughly 35% stake that’s worth about $1.1 billion at the company’s current valuation. The young CEO is also expected to hold about 83% of the voting power at the firm.
His Orlando-based company makes light detection and ranging sensors, or lidar, that bounce lasers off objects to guide vehicles. Luminar’s backers include billionaire Peter Thiel, who awarded a fellowship to Russell when he was 17.