Situational Awareness fell 67% in July and fire-sold its public book to Citadel.

Per an investor letter reported by WSJ, Reuters and CNBC, Leopold Aschenbrenner's fund dropped roughly 67% in July, assets falling from about $45B to $10B. Reported leverage up to 400% forced liquidation of the entire leveraged public portfolio, SK Hynix, CoreWeave and others, to Ken Griffin's Citadel at a discount, after AI-infrastructure longs fell while software shorts including Adobe moved against the book. Aschenbrenner wrote "We let you down this month." The fund has removed all leverage and remains up 80% for 2026, which is the detail most coverage omits.