Most Expensive Homes in Pacific Palisades, California, by Luminar Technologies Razir CEO Austin Russellravaged by the ongoing Los Angeles wildfires.
what happened: The $125 million mansion fell victim to the Palisades fire, the Daily Mail reported Saturday. The fires are still burning and have destroyed more than 10,000 buildings, claimed two lives and destroyed a number of historical landmarks.
The mansion is an important setting for the hit HBO series “Succession” and was previously on the rental market for as much as $450,000 a month.
According to reports, Russell purchased the property in 2021 for $83 million. The mansion has 18 bedrooms, six bathrooms, a Nobu-designed chef’s kitchen, a 20-seat theater and a climate-controlled wine cellar.
Luminar Technologies specializes in lidar and machine perception systems, cutting-edge technologies that support autonomous vehicles.
According to Benzinga, Luminar shares jumped significantly last week, rising 11.96%. The remarkable growth stands out against the backdrop of a broader market downturn, underscoring the strong investor interest in the company despite the overall decline.
Two months later, the company executed a reverse stock split after receiving a delisting notice from Nasdaq. The move comes after a challenging period for the company, which also saw a 30% reduction in headcount last year.
The reverse split will combine 15 shares into one, allowing Luminar to meet Nasdaq listing requirements. Nasdaq stipulates that the minimum closing price for continued listing is US$1 per share. If the company’s stock falls below this threshold for 30 consecutive working days, the company will face delisting.
The company develops cutting-edge platforms designed to support its partners, including Volvo Cars, Mercedes-Benz, NVIDIA Corporation NVDAand moving eye.
According to Benzinga Pro, Luminar reported a quarterly loss of $0.16 per share in 2024, beating expectations for a loss of $0.19. This marked an improvement from a loss of $0.21 per share in the same quarter of 2023.
Luminar Technologies, Inc. is Zacks Auto – Original Equipment Industries reported revenue of $15.49 million. The earnings report reflected a positive surprise of 15.79%. In 2023, the company was expected to post a loss of $0.20 per share, but the actual loss of $0.18 was lower than expected, and profits at the time beat forecasts by 10%.
However, the company has missed consensus revenue estimates for the past four consecutive quarters.
why it’s important: Such high-profile property destruction has heightened scrutiny of local government preparedness for wildfires.
Los Angeles Mayor Karen Bass (D) is under scrutiny for her decision to cut funding for the Los Angeles Fire Department by $17.5 million in the 2024-2025 fiscal year. Likewise, Gov. Gavin Newsom (D-Calif.) faced criticism for his decision last June to cut $101 million in funding for wildfire protection.
It’s unclear what losing such a valuable asset would mean for Russell and his company.
This content is generated in part with the help of artificial intelligence tools, and is reviewed and published by Benzinga editors.
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