AI CEO with no tech skills doubled his wealth to $10 billion in just 12 days—Here’s his secret | Company Business News-OxBig News Network

CoreWeave was once an obscure AI cloud startup which went public in March at a modest $40 per share. But in a stunning turn of events, the company’s stock exploded, nearly tripling in value in just two months.

This surge has not just captivated the market but also turned around the fortune of its shareholders, including its co-founder and CEO Michael Intrator.

From a hedge fund manager to AI billionaire

Michael Intrator, the 56-year-old former hedge fund manager’s net worth has more than doubled in the last 12 days, from $5 billion to $10 billion, according to data compiled byBloomberg.

Despite the company’s initial muted start in the market, Intrator believed that CoreWeave would go on to “generate enormous value.”

“I don’t really care where it is today or tomorrow or the day after, but I believe fundamentally, the business model that we have, the software solutions that we have, the capacity to build and deliver this and the demand we see in front of us will lead to enormous value to our clients over time,” Intrator previously toldFortune.

Market disruption does not always require a tech genius

The company’s CEO is not alone in benefiting from the stock’s success. The wealth of fellow cofounders also has increased to a great extent. According toBloomberg, CoreWeave’s chief strategy officer, Brian Venturo, is now worth $6.4 billion, and Brannin McBee, the company’s chief development officer, is worth $4.7 billion.

CoreWeave has secured many of the world’s biggest tech companies as clients and partners, with the list including Nvidia, OpenAI, and Microsoft which adds to the company’s growth.

The company believes that a blend of an optimistic vision and practical experience is key to building a company from the ground up, as Intrator emphasised in a previous interview with Fortune: “At the end of the day, it’s the people that matter, so make sure you take people along with you in your journey,” adding that one should “always keep a healthy disregard for the impossible while being grounded in reality.”

Past success doesn’t guarantee future performance

Even though CoreWeave is enjoying a bullish market sentiment this year, that doesn’t mean that it will always stay around.

For instance, the stock of conservative media outlet Newsmax surged 735% after its IPO in March, giving its founder and CEO Christopher Ruddy a $3.3 billion fortune. However, after the stock fell back down dramatically, Ruddy lost his billionaire status.