A few years ago, the press was absolutely choked with breathless stories about young Austin Russell, the youngest self-made billionaire, who had recent rolled his firm, Luminar Technologies (LAZR) out to the public markets.
In one article by The Verge, the reporter starts with off with a hard-hitting and blistering statement, “I’m very excited to talk to you.“, and it just got more fawning from there.
Of course, The Verge wasn’t the only member of the media running in circles with giddiness about this young lad.
Want to know who isn’t running in circles these days? Anyone hapless enough to have exchanged their cash for shares of Luminar, since the stock has been an unmitigated catastrophe.
It is approaching a 99% drop from its peak (in the context of one of the strongest tech bull markets in human history).
Oh, and in spite of whatever Austin might have said in the press about how terrific LAZR’s future was, you may kindly note he absolutely flooded the market with his shares in early 2021, I suppose because he didn’t want to be greedy and keep all the forthcoming gains just for himself.
I strongly suspect it won’t be long until LAZR is delisted and, ultimately, the company simply shutters. I’m not sure how troubled Austin is by the ruinous losses his organization has created for the folks who bought stock from him, but at least he’ll be able to meditate on what he’s done from the splendor of his $86 million home which he purchased with the aforementioned proceeds.
