Austin Russell isn't going away quietly. The billionaire founder who was pushed out of Luminar following an ethics inquiry has made a bid to buy back the lidar company through his new venture Russell AI Labs. But here's the twist - some board members who conducted that very ethics inquiry may actually want him back.
Luminar just got hit with the most dramatic boardroom boomerang in recent memory. Austin Russell, the lidar pioneer who got the boot from his own company just months ago, has made a surprise bid to buy it back through his freshly minted Russell AI Labs.
The move comes with all the makings of a hostile takeover - Russell filed the proposal with the SEC without Luminar's blessing, and the company isn't commenting. But sources tell TechCrunch that some board members actually approached Russell last month and 'encouraged' the acquisition idea.
That's where this story gets really interesting. The same nine-member board that conducted an ethics inquiry into Russell - leading to his resignation - apparently has members who now want him back. Three board members on the audit committee spearheaded that investigation just a few months ago, yet here we are.
Russell didn't disappear after his ouster. He launched Russell AI Labs, positioning it as an incubator for automotive tech companies. The proposed Luminar deal could involve acquiring another automotive tech firm and merging it with his former company. Sources say Russell has already done diligence on several acquisition targets as part of his new venture's strategy.
The filing remains deliberately vague about specifics, but the implications are clear - Russell views this as more than just getting his old job back. He's thinking bigger, potentially creating a consolidated player in the increasingly competitive lidar space.
Meanwhile, the broader transportation tech ecosystem is seeing significant capital movement. Beta Technologies took advantage of relaxed SEC rules during the government shutdown to price its IPO between $27 and $33 per share, targeting up to $825 million. If investors bite at the top of that range, the electric aircraft company will debut with a $7.2 billion valuation.
The SEC's recent guidance lets companies in IPO limbo allow their statements to become automatically effective after 20 days, even without staff review. Navan and other companies have also pressed ahead under this rule, creating a mini-IPO rush during the shutdown period.
Then there's the Lilium fire sale that's raising eyebrows across the industry. won a competitive bidding process against Ambitious Air Mobility Group and to acquire all 300 of Lilium's patents for just €18 million ($21 million). That's a stunning figure when you consider Lilium raised over $1 billion during its lifetime before ceasing operations.
