Leopold Aschenbrenner's AI-themed hedge fund, Situational Awareness, saw its assets plunge from a peak of $45 billion to around $10 billion after being forced to sell leveraged stock bets to Citadel at a discount. The fund, which had gained more than 1,000% since its July 2024 launch, held about two-thirds of its assets in public equity long and short positions, with the rest in private companies including a multibillion-dollar investment in Anthropic. Reports indicated the fund used as much as 400% leverage, and the collapse coincided with tumbling semiconductor stocks and margin calls. Aschenbrenner, a 24-year-old former OpenAI researcher, had no prior money-management experience before starting the fund with $225 million from backers including Stripe co-founders Patrick and John Collison, former GitHub CEO Nat Friedman, and investor Daniel Gross.
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