How Victoria’s Secret Billionaire Owner Accidentally Scored A $800 Million Stake In An AI Unicorn
Forbes Daily Briefing
Forbes
4.4 • 18 Ratings
🗓️ 7 August 2024
⏱️ 5 minutes
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Summary
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.
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Transcript
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| 0:00.0 | Here's your Forbes Daily Briefing for Wednesday, August 7th. |
| 0:05.0 | Today on Forbes, |
| 0:07.0 | How Victoria's Secret Billionaire Owner Accidentally |
| 0:10.0 | Scored an 800 Million Dollar Ste stake in an AI unicorn. |
| 0:15.0 | Lex Wexner, the Victoria's secret billionaire who stepped down from his company, |
| 0:19.0 | L Brands, in 2020, amid scrutiny over his ties to convicted sex offender Jeffrey Epstein, |
| 0:25.0 | is cashing in on the AI surge. |
| 0:28.0 | Thanks to a $1 million seed investment in Atlantic crypto, |
| 0:32.0 | a little-known company that would become AI Cloud |
| 0:35.0 | Juggernaut, CoreWeave, the 86-year-old's family trust now holds a 720 million dollar |
| 0:41.5 | stake in one of the most valuable AI startups around. |
| 0:46.0 | The Ohio-based billionaire is one of America's wealthiest people worth an estimated $6.3 billion. Wexner's massive stake in the $19 billion startup |
| 0:57.0 | was revealed in a lawsuit filed in the United States District Court |
| 1:00.0 | in the Southern District of New York in May 2024 by wealth management firm Florence |
| 1:05.7 | Capital Advisors. |
| 1:07.7 | 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. |
| 1:17.0 | CoreWeave provides access to highly coveted chips used in building AI models. |
| 1:23.7 | The company is among the most valued AI startups |
| 1:26.3 | to emerge from the mainstreaming of artificial intelligence. |
| 1:29.9 | It raised $7.5 billion in debt from Blackstone in May, and 1.1 billion dollars in equity earlier |
| 1:36.5 | this year to build out a massive data center network that delivers the computing power |
| 1:41.2 | needed to train AI. |
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