The 25-year-old Stanford University dropout is about to become one of the youngest billionaires in the world

Austin Russell, 25-year-old founder and chief executive officer of Luminar Technologies Inc., is about to become one of the youngest self-made billionaires in the world.

According to an authorization document filed on October 19, Russell will hold 104.7 million shares of Luminar after the company goes public. That figure represents a 35% stake in the company, worth about $ 1.1 billion at Luminar’s current valuation. Luminar is a company that develops ultra-precision laser sensor technology for self-driving vehicles.

The Stanford University dropout CEO is also expected to hold about 83% of the voting power at his startup after it is combined with the special purpose acquisition (SPAC) company Gores Metropoulos Inc. That gives him greater control over all the important decisions that need to be submitted to board members. Next time, Luminar will be traded on the Nasdaq with the code LAZR after combining with Gores Metropoulos.

A Special Purpose Acquisition Company (SPAC) is an entity formed by a small group of experienced investors or industry leaders who raise capital through an IPO with the sole purpose of purchasing. or merges with an active unlisted company.

Russell founded Luminar in 2012, in Orlando. The company develops Lidar Technology – a survey method that measures the distance to a target by illuminating it with an ambient laser and measuring reflected pulses with sensors. This is very important for self-driving cars. However, before Luminar appeared, the technology was quite expensive. By providing quality products and at more competitive prices, Russell’s company quickly achieved success in this crowded field.

At the age of 17, Russell received a $ 100,000 scholarship from billionaire Peter Thiel. After that, he dropped out of university to establish and focus on developing Luminar. Apart from Thiel, Russell also received great support from Nick Woodman, founder of GoPro.

At the company’s headquarters located more than 50km south of San Francisco, the company develops and tests lidar systems while employees and customers… lie on sofas. Some car giants like BMW or General Motors are customers of Luminar.

In addition, the company also has a partnership with a unit of Vovlo Car AB. They said they will use Luminar’s technology to service self-driving cars on highways starting in 2022.

In fact, Russell isn’t the only young businessman to become a billionaire through SPAC this year. Thomas Healy, 28, also made the feat when his Texas-based truck electrification startup went public this month.

Such deals have been on an upward trend in recent weeks, with more than $ 52 billion raised by 136 listed companies this year in the US. The SPACs are currently closely monitored by the US Securities and Exchange Commission to ensure fairness for investors.

According to Bloomberg