Leo Radvinsky, the billionaire owner of OnlyFans, has landed a spot on Forbes’ prestigious list of the 400 wealthiest Americans for the first time, solidifying his position as a major player in the adult industry.

Coming in at number 347, with an estimated net worth of $3.8 billion, the 42-year-old entrepreneur has built a fortune primarily through the success of OnlyFans, the subscription-based platform known for hosting adult content, which has grown exponentially under his leadership.

Radvinsky, a Florida-based tech mogul originally from Ukraine, was first listed as a billionaire by Forbes in 2022. Since then, his wealth has skyrocketed, with Forbes now estimating his net worth at $3.8 billion. This increase is largely due to OnlyFans’ continued growth, including a reported $472 million dividend paid out to Radvinsky in 2023, equivalent to over $1.2 million per day.

The financial performance of OnlyFans has been nothing short of remarkable. According to regulatory filings for its parent company, Fenix International, transactions processed on the platform reached $6.63 billion in 2023, a 19% increase from the previous year. OnlyFans creators earned $5.32 billion in payouts during the same period, with the platform taking a 20% cut of each transaction.

The company’s revenue also grew significantly, rising from $1 billion in 2022 to $1.3 billion in 2023, while profits increased by 20% to $485.4 million. Notably, the platform saw its subscriber base jump by 28%, from 240 million to 305 million, and the number of content creators rose by 29%, now standing at over 4.1 million.

Much of the growth in OnlyFans’ revenue came from non-subscription services, including one-time purchases of photos and videos, which surged to $765 million in 2023. Subscription revenue also grew, but at a more modest rate, reaching $540.8 million.

Radvinsky acquired OnlyFans in 2018 from its British founders, Tim Stokely and his father, Guy Stokely. At the time, the platform was far smaller, but it exploded in popularity during the COVID-19 pandemic, largely due to its reputation as a hub for adult content. The platform’s ability to attract creators and subscribers alike has driven its financial success, making Radvinsky one of the wealthiest figures in the tech and entertainment industries.

Radvinsky’s career began with porn referral websites, and his experience in the adult industry has shaped his management of OnlyFans. Despite controversies, including pressure from banks and credit card companies to ban explicit content and concerns over child sexual abuse material on the platform, Radvinsky has navigated these challenges, leading the company to new heights.

While OnlyFans is best known for its adult content, the company has made strides to broaden its appeal beyond the adult entertainment industry. In 2021, it launched OFTV, a video streaming platform that focuses on “safe-for-work” content such as fitness, cooking, and music. This initiative is part of the company’s effort to diversify its offerings and reach a wider audience.

Despite these moves, OnlyFans remains heavily reliant on adult content, which continues to be its primary revenue driver. The platform’s popularity with creators and fans in this space is unmatched, making it a dominant force in the world of subscription-based content.

OnlyFans has not been without its challenges. In 2021, the company faced backlash after announcing plans to ban sexually explicit content, a decision that was quickly reversed following outcry from creators and sex work advocates. The platform also came under scrutiny from the British media regulator Ofcom in 2023 after a “technical glitch” allowed users under the age of 23 to access adult content, violating the company’s age verification measures.

Additionally, a Reuters investigation earlier this year uncovered nearly 140 complaints of non-consensual sexually explicit content being posted on the platform. These controversies have highlighted the ongoing challenges OnlyFans faces in balancing its business model with regulatory and ethical concerns.

Despite the controversies, OnlyFans continues to thrive, with its financial growth and expanding user base reflecting its strong market position. With the platform valued at nearly $3 billion, Radvinsky’s leadership has positioned OnlyFans as a major player in the social media landscape.

As the company looks to further diversify its content offerings and grow its global presence, Radvinsky’s influence will likely continue to shape the future of OnlyFans and the broader industry. His inclusion in Forbes’ list of the 400 wealthiest Americans marks a significant milestone in his career and underscores the immense financial success he has achieved through the platform.