Les Wexner Makes $2 Billion In 3 Months From CoreWeave

Five years ago, Ohio’s most revered entrepreneur Les Wexner stepped down as chairman of L Brands and soon began selling off his stake in the Victoria’s Secret parent company amid controversy over his close relationship with convicted sex offender Jeffrey Epstein, Forbes Daily reported.

CoreWeave’s market capitalization has nearly tripled since its March IPO, with Wexner’s stake worth $2.8 billion. I Photo: The Ohio State University 

Many believed that Wexner, then 82, would quietly retire. Instead, the fashion mogul has more than doubled his fortune, thanks in large part to savvy bets in a different industry: technology.

Over just the past three months, his net worth—which includes assets held in the names of his wife Abigail and their children—has soared to $10.1 billion from $7.9 billion, according to Forbes estimates.

The biggest driver of this increase: a 4% stake in CoreWeave, one of the most talked-about AI companies. CoreWeave recently announced it is acquiring crypto miner Core Scientific in a roughly $9 billion all-stock deal.

CoreWeave’s market capitalization has nearly tripled since its March IPO, reaching nearly $73 billion at one point. Wexner’s stake is now worth $2.8 billion.

The eight-year-old CoreWeave helps companies build data centers and rents out cloud access to high-demand GPUs, which firms like Microsoft, IBM, and Meta use to build AI models.

With no shortage of customers, the company recorded $982 million in revenue during the first quarter of this year—a 420% increase versus the same quarter last year.

However, it has yet to turn a profit and reported a net loss of $315 million for the same period.