Les Wexner's investment in CoreWeave skyrockets his fortune
- Les Wexner divested from Victoria's Secret parent company following a controversial departure.
- A family trust for Wexner's children invested in CoreWeave, which has since tripled in market valuation.
- Wexner has positioned himself as a significant player in both the AI sector and Ohio's real estate market.
In the United States, Les Wexner, a prominent retail mogul and former chairman of L Brands, has become one of the unexpected benefactors of the artificial intelligence boom. Following his departure from the company in 2019 amid controversies surrounding his association with Jeffrey Epstein, Wexner began to divest from Victoria's Secret's parent company. However, a strategic investment made by a family trust established for his children in 2019—amounting to $1 million in CoreWeave—has proven to be immensely successful. By 2025, CoreWeave's valuation has surged to nearly $73 billion, transforming initial investments into a substantial fortune worth $2.8 billion for Wexner's trust alone. CoreWeave's rapid growth can be attributed to its expansive revenue increase, reporting $982 million in the first quarter of 2025, reflecting a striking 420% rise compared to the same period in the previous year. This remarkable financial success speaks to the high demand for AI services and the company's business model. With investors like Wexner and board member Jack Cogen, whose fortune also ballooned to $3.5 billion, the AI sector continues to generate substantial wealth for its key stakeholders. Despite the impressive financial gains, Wexner and other investors cannot cash out their stock until the end of an IPO lock-up period in September. Additionally, Wexner’s financial prowess extends beyond CoreWeave; he is noted for having accrued over $2 billion in after-tax profits from selling his shares in L Brands during the years 2020 and 2021. This aptitude for business is not limited to the AI industry, as Wexner has cultivated his interests in real estate through New Albany Company, which has played a pivotal role in transforming parts of Ohio into tech hubs by selling land to tech giants like Google and Amazon. His real estate ventures have led to significant land and economic developments in Central Ohio, including a planned $1 billion AI military plant by Anduril. Wexner’s foresight has positioned Ohio as a potential leader in the tech sector, evidenced by predictions that the largest AI investment could soon happen in Columbus. His role in facilitating substantial transactions with tech companies indicates how deeply his influence runs in the economic landscape of Ohio and reinforces his status as a key player in the unfolding AI gold rush.