3/5/2023 0 Comments Luminar ceoLuminar has rapidly gained over 50 industry partners, including a majority of the top global automotive OEMs. (Nasdaq: LAZR) is transforming automotive safety and autonomy by delivering lidar and associated software that meets the industry’s stringent performance, safety, and economic requirements. "We already had high conviction in Luminar and the potential to win when we took them public, and that has increased dramatically this past year." "Austin has built the winning team, technology, product, strategy, and commercial deals to make the next automotive revolution a reality," said Alec Gores, Founder and CEO of The Gores Group. The timing of purchases will be subject to compliance with federal securities laws and Luminar’s policies. In addition to the Company, certain Luminar board members and management, led by Founder and CEO Austin Russell, intend to purchase LAZR shares in the open market or as part of pre-arranged stock trading plans. Today, we’re putting our money where our mouth is by executing this significant purchase of shares as we accelerate our industry leadership." "Given our current position and our trajectory, we think our stock price has not reflected the wins and successes we’ve had over the past year since our public debut, with substantial inefficiency in the market. Russell is content to let competitors like Elon Musk do the talking while he just keeps working toward ubiquity."Over the past year, our breakthrough technology and commercial success have begun to usher in a new era of safety and autonomy for the industry on production consumer vehicles and trucks," said Austin Russell, Luminar Founder and CEO. As his company grows and advances its tech, Luminar products become cheaper and more accessible-at least that’s his plan. Although he has already amassed a fortune, his ultimate goal is to fulfill the life-saving potential of Lidar in both fully automated and driver-assist-enabled vehicles. Unlike most Gen-Z twenty-somethings, he avoids social media (he has neither a Twitter nor Instagram account) and enjoys freedom from heavy college debt, providing him the mental acuity to continue developing and fine-tuning Luminar’s technology. One of Russell’s greatest strengths is his laser-like focus. Less than a decade later, his net worth sits at $3.2 billion, thanks to holding about one-third of his company’s ownership. For Russell, timing was everything, as he entered the autonomous vehicle market at an early point before it began its upward growth trajectory. Through this endeavor, Thiel encourages and supports young entrepreneurs to forego higher education in favor of the innovation industry. He founded the company in 2012, the same year he was named a Thiel Foundation Fellow. With major automotive partners like Audi, Volvo, and Toyota already on board, the young billionaire is poised to compete against the likes of Tesla and its Lidar-free Autopilot system. Luminar harnesses laser power using Lidar (light detection and ranging) technology, producing the sensors and software that Russell has been developing since he was a teenager. With assistance from Silicon Valley superman Peter Thiel’s foundation, Russell is determined to make Luminar ubiquitous in the vehicle automation market. Unlike most of his contemporaries, Russell founded his company at just 17, between high school and a brief stint in Stanford’s applied physics department. Thanks to a successful reverse merger with special purpose acquisition company (SPAC) Gores Metropoulos, the 25-year-old has become the youngest self-made billionaire, joining an elite list that includes titans of big tech like Bill Gates, Larry Page, and Mark Zuckerberg. In 2021, fully automated self-driving vehicles are still the wave of the future, but although the coronavirus pandemic may have forced many companies to pump the brakes, Austin Russell’s startup Luminar has financially accelerated at full speed. Clarke called evolving technology akin to magic, he might have had flying cars in mind-or at least cars that could drive themselves without a human behind the wheel.
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