Did A Russian Oligarch Take Over Forbes?
Magomed Musaev, the owner of Russian Forbes, has purportedly claimed to have acquired the entire Forbes Media Group, according to The Washington Post.
The news outlet cites five audio recordings and one video recording in which Musaev discusses the deal with his business associates. In one recording, Musaev asserts, “I just bought global Forbes,” and he emphasizes the significance of holding the “key” to such a renowned global brand.
Notably, Musaev alludes to American entrepreneur Austin Russell as the “face” of the transaction but suggests that his own involvement should remain confidential.
Earlier in 2023, Axios reported that Russell plans “to put in only $10 million of his own money as part of his bid to buy 82% of Forbes for $656 million.” The rest of the money was coming from foreign investors including Kenyan businessman Julius Mwale, Kazakhstani businessman Bulat Utemuratov, Silicon Valley-based investment firm GSV, and India-based Sun Group.
It remains unclear from Musaev’s statements whether he played a significant role in the deal, acted as a concealed investor, or simply made exaggerated claims. Russell, in response to inquiries from The Washington Post, categorically denied any involvement of Musaev or other Russians in the acquisition.
“Musaev has no involvement whatsoever in the Forbes transaction. Any suggestion to the contrary is false. There is not a single dollar of capital from any Chinese or Russian citizen or entity, including Musaev,” said a spokesperson for Russell.
Interestingly, the two individuals have a history of association, with Musaev reportedly assisting Russell in securing a $20 million seed investment for his company, Luminar Technologies, in 2016.
Forbes Russia’s development director, Dmitry Ozman, stated that they have no knowledge of the global media holding’s sale to Musaev and emphasized that Musaev had not discussed the matter in personal conversations.
Information for this story was found via The Washington Post, Anton Gerashchenko on X, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
