Billionaire Les Wexner, the founder of L Brands, the parent company of Victoria’s Secret and Bath and Body Works, is now left owning just 2 percent of the company he spent over fifty years building. The businessman’s recent sale of 2.2 billion shares, bringing his total disposal of shares to 2.7 billion dollars for this year, leaves him with only a 2 percent stake in L Brands. The news was reported by Bloomberg.
Wexner’s net worth is still valued at 10 billion dollars, but his L Brands stake now only makes up a portion of that. According to Bloomberg, Wexner has never offloaded this much stock in a single year. In May, he stepped down from L Brand’s board. Last year, he retired from his role as CEO.
Wexner found himself in controversy when the documentary about financier Jeffrey Epstein and his sex trafficking of minors was released on Netflix. Epstein was formerly Wexner’s money manager, but Wexner says he cut ties with the investment manager in 2007.
Victoria’s Secret has also been struggling over the past several years, potentially prompting Wexner’s desire to step back from retail and allocate his wealth elsewhere. He’s been buying up real estate left and right, ranging from an estate in England to designing his own town called New Albany outside of his home of Columbus, Ohio.