Iain Martin is a senior editor who covers tech, startups and venture capital out of London, England. Iain edits the Midas List Europe, Midas Seed and Forbes 30 Under 30 Europe Technology.
A lawsuit reveals that an early bet on the company that would later become $19 billion startup Coreweave has made Les Wexner one of the largest individual shareholders in the AI unicorn.Former L Brands CEO Les Wexner 's $1 million seed investment into Coreweave has turned into a $720 million stake in the AI cloud juggernaut now valued at over $19 billion.
Thanks to a $1 million seed investment in Atlantic Crypto, a little-known company that would become AI cloud juggernaut Coreweave, the 86-year-old’s family trust now holds a $720 million stake in one of the most valuable AI startups around. The Ohio-based billionaire is one of America’s wealthiest people, worth an
Wexner’s massive stake in the $19 billion startup was revealed in a lawsuit filed in the United States District Court in the Southern District of New York in May 2024 by wealth management firm Florence Capital Advisors. The New York-based money manager claims it was entitled to a $6.9 million fee for advising Wexner’s family trust to invest in the startup in 2019.
Coreweave, which provides access to highly coveted chips used in building AI models, is among the most valued AI startups to emerge from the mainstreaming of artificial intelligence. It raised $7.5 billion in debt from Blackstone in May, andin equity earlier this year to build out a massive data center network that delivers the computing power needed to train AI. But back in 2019 it was a struggling cryptocurrency miner that had just started subletting itsCoreweave raised $1.
Now, those investments have evolved into a $720 million stake in the AI startup that’s rumored to be seeking anThe spat is a rat’s nest of New York finance backstabbing involving a father-son duo brought in to manage Wexner’s money after Jeffrey Epstein allegedly stole $46 million from his family trusts, a separate $100 million stake in Coreweave made by a bankrupt hedge fund, allegations ofFlorence Capital denies all this and insists it is owed a fee for an investment advice that generated “an...
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