The hedge fund Situational Awareness LP, founded by former OpenAI employee Leopold Aschenbrenner, lost approximately $35 billion due to a brutal correction in semiconductor stocks. Between early July 2026 and now, assets under management dropped from $45 billion to approximately $10 billion, representing a 67% loss. To meet margin calls from Goldman Sachs, JPMorgan, Bank of America and Citibank, the fund was forced to sell approximately $16 billion in assets to Citadel. The SEC is monitoring the situation due to the scale of market movements.
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