Les Wexner, the billionaire behind Victoria’s Secret, is making headlines once again after it was revealed that his family trust holds a $720 million stake in AI cloud startup CoreWeave. This significant investment was made through a $1 million seed investment in Atlantic Crypto, which later became CoreWeave. Wexner, one of America’s wealthiest individuals, is valued at an estimated $6.3 billion.
The lawsuit, filed by wealth management firm Florence Capital Advisors, claims that they are owed a $6.9 million fee for advising Wexner’s family trust on the investment in CoreWeave back in 2019. CoreWeave has since become one of the most valuable AI startups, securing significant funding from Blackstone and other investors to expand its data center network and provide critical computing power for training AI models.
Wexner’s initial investment in CoreWeave has transformed into a substantial stake in the company, rumored to be considering an initial public offering next year. The legal dispute over the investment involves complex financial dealings, allegations of theft by Jeffrey Epstein, and the alleged disappearance of financial records related to Wexner’s investments.
Aside from his investment in CoreWeave, Wexner has also been involved in the growing trend of data center development. He has sold over $450 million worth of land to tech giants and financial institutions for data center projects in Ohio, positioning himself for further lucrative deals in the future. With over $15 billion in planned data center investments in the region, Wexner’s real estate development company still owns significant farmland in the area.
Wexner’s influence in the tech industry extends beyond investments, as he played a crucial role in bringing a $20 billion Intel chip manufacturing plant to New Albany, Ohio. By assembling a large block of farmland for the project, Wexner facilitated the establishment of what Intel hopes will be the world’s largest semiconductor plant. This deal has already resulted in a substantial profit for Wexner, and he continues to expand his real estate holdings in the area.
Despite the significant financial success of his investments, Wexner remains embroiled in legal disputes over fees owed to Florence Capital Advisors for their role in advising on the CoreWeave investment. The intricacies of the legal battle highlight the complexities of high-stakes investments and the challenges of managing vast wealth in the fast-paced world of technology and finance.
As Wexner’s investments continue to yield substantial returns and his influence in the tech industry grows, he remains a prominent figure in the world of finance and technology. His ability to navigate complex financial transactions and capitalize on emerging trends underscores his status as a savvy investor and key player in the evolving landscape of AI and data center development.
