Les Wexner Gains $800 Million from AI Startup CoreWeave

Les Wexner, the former CEO of L Brands and a billionaire known for his association with Jeffrey Epstein, is capitalizing on the artificial intelligence boom. Following a $1 million seed investment in Atlantic Crypto, which has transformed into the AI powerhouse CoreWeave, Wexner's family trust now boasts a staggering $720 million stake in the startup. This investment has sparked a legal dispute over advisory fees, with a New York money manager claiming entitlement to a $6.9 million fee for facilitating the investment. CoreWeave, which specializes in providing essential chips for AI model development, has rapidly ascended in value, raising $7.5 billion in debt from Blackstone and $1.1 billion in equity to expand its data center capabilities. The company is rumored to be preparing for an initial public offering next year, further intensifying the financial stakes involved. The situation has become complicated by allegations of financial misconduct, including claims that Epstein misappropriated $46 million from Wexner's family trusts. In addition to his AI investments, Wexner has made significant moves in real estate, particularly in New Albany, Ohio. His firm, the New Albany Company, played a pivotal role in securing a $20 billion Intel chip manufacturing facility, which is expected to be the largest semiconductor plant globally. This deal alone netted Wexner an estimated $35 million profit, and he continues to develop a mixed-use project to support Intel's operations. As Wexner navigates these financial waters, he remains a key player in both the AI and real estate sectors, with ongoing investments that reflect his strategic foresight in a rapidly evolving market.