Leopold Aschenbrenner’s AI-focused hedge fund Situational Awareness lost roughly 67% of its value in July, forcing it to dump most of its public equity holdings to Citadel for approximately $16 billion at a 10% discount. The forced liquidation followed margin calls from its prime brokers, Bank of America, Goldman Sachs and JPMorgan. The fund had previously delivered a stunning 439% return through June 2026, propelling assets under management to a peak of roughly $45 billion by early July. Despite the rout, the fund still holds approximately $10 billion in assets and remains up around 80% year-to-date, largely due to retained private holdings including a stake in Anthropic.
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