Ousted Luminar CEO Austin Russell wants to buy the company

Austin Russell, the billionaire founder and former CEO of Luminar, has launched a surprising bid to buy back the company through his new firm, Russell AI Labs. The proposal, disclosed in an SEC filing, involves Russell AI Labs acquiring all outstanding Class A common shares of Luminar for an undisclosed price, while keeping Luminar publicly traded. The filing also hints at a potential future merger with a larger global automotive technology company to form a unified platform dubbed “Luminar 2.0,” with Russell possibly investing in the combined entity. This takeover attempt follows Russell’s abrupt ousting as Luminar CEO in May, which was linked to an undisclosed ethics inquiry by the board’s audit committee. The company has faced shareholder lawsuits over the circumstances of his departure and the lack of transparency. Since his removal, Russell has remained on Luminar’s board but has notably not signed any SEC filings as a board member. In September, he co-founded Russell AI Labs alongside Markus Schäfer of Mercedes-Benz and former