**Les Wexner: From Controversy to Fortune with a Smart Tech Bet**
In a twist that’s as unpredictable as fashion trends, Les Wexner, the former chairman of L Brands and mastermind behind Victoria’s Secret, has turned the spotlight back onto himself. Not too long ago, Wexner stepped away from his corporate empire amid a storm of controversy fueled by his links to the infamous Jeffrey Epstein. Many thought that, at 82 years old, the business mogul was headed for a well-deserved retirement on his sprawling 340-acre estate in Ohio. Instead, he’s made a comeback that would make even the most daring of fashionistas sit up and take notice!
In just three months, Wexner’s net worth skyrocketed from $7.9 billion to an eye-popping $10.1 billion, as reported by Forbes. This financial leap is largely due to his stakes in the tech giant Coreweave, a company that has been making waves in the artificial intelligence world. After Coreweave’s recent blockbuster announcement to acquire cryptocurrency miner Core Scientific in a jaw-dropping $9 billion all-stock deal, Wexner found himself sitting on a goldmine with his 4% stake in the company, now valued at around $2.8 billion. Talk about a fashion-forward investment!
Founded in 2017, Coreweave has been the go-to for companies needing data centers and access to those much-coveted graphics processing units (GPUs). These little powerhouses are essential for tech companies like Microsoft, IBM, and Meta as they fuel the development of various AI models. Thanks to an increasing demand for their services, Coreweave’s revenues have surged by a staggering 420%, raking in nearly $1 billion during the first quarter of the year. However, with great growth comes great losses, as the company reported a $315 million net loss for the same period. It seems that not every tech tale is as rosy as it sounds!
Wexner’s venture into Coreweave was smartly paved by early investments made through a trust intended for his four children. Initial investments of $1 million in 2019, followed by another $600,000 two years later, have proven to be golden nuggets. That investment was worth approximately $730 million when the company made its big splash into the public market this March. So, while many people were looking for inspiration in the latest fashion runway shows, Wexner was busy stitching together a fortune in technology.
The success of Coreweave has not only benefited Wexner but has also ushered in a new era of billionaires. The three co-founders and an early investor have all achieved the coveted status, with net worths that would make anyone’s jaw drop. While Wexner seems to be hitting the jackpot, he is not without his share of issues. A lawsuit filed by Florence Capital Advisers claims they were owed $7 million for their role in guiding Wexner’s investments. In a dramatic turn of events, Wexner’s family trust counterclaims, accusing the firm of “fraudulent conduct.” It looks like the drama is far from over!
In addition to his newly minted fortune from Coreweave, Wexner has a treasure trove of assets, including a real estate development firm in New Albany, an art collection valued between $1.4 to $4 billion, a stunning yacht that’s nearly 300 feet long, a fleet of Ferraris, and a luxurious portfolio of homes worth around $300 million scattered across the globe. While he may have stepped away from the runway, Les Wexner is certainly still in the game, reminding everyone that sometimes success wears the latest tech instead of the hottest fashion. Who says you can’t teach an old dog new tricks?
