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Luminar Stock Is Getting Crushed After Founder's Abrupt Exit
Luminar's charismatic founder, Austin Russell, left the company last night after an internal investigation. Shares are reeling.
Shares of lidar maker Luminar Technologies (NASDAQ: LAZR) were trading sharply lower on Thursday morning, after the company announced that its founder would depart following an internal investigation.
As of 10:30 a.m. ET, Luminar's shares were down about 17.6% from Wednesday's closing price.
Luminar said late on Wednesday that its founder, chairman, and CEO, Austin Russell, had resigned effective immediately "following a code of business conduct and ethics inquiry" by the board of directors' audit committee.
