Ex-Luminar CEO Austin Russell plans to buy back company
Austin Russell, who was ousted as Luminar's CEO earlier this year, is now aiming to buy back the lidar tech company through his new venture, Russell AI Labs.
The plan—revealed in an SEC filing on October 17, 2025—would have Russell's group purchase all remaining shares and possibly merge Luminar with a bigger auto tech firm to create a stronger "Luminar 2.0."
Proposal follows board's push for Russell to step in
Russell's proposal came after some Luminar shareholders and board members encouraged him to step in.
Although he left as CEO in May 2025, he still sits on the board.
Since then, he's teamed up with industry veterans Markus Schafer and Murtaza Ahmed to launch Russell AI Labs and has already made a $300 million investment in an AI company.
For now, both Luminar and Russell AI Labs are keeping quiet about the deal.