Leopold’s Situational Awareness Fund Blowup Timeline

July 1: Leopold’s hedge fund, Situational Awareness, reaches $45 billion AUM, up 450% year-to-date. July 10: SK Hynix’s US IPO marks the top of the AI sector. July 10–20: Major selloff hits AI stocks, with most names down 30%+ in two weeks. Leopold’s short positions (e.g., Adobe and other software stocks) move against him, compounding losses. July 24: Leopold sends investors a letter calling the selloff a buying opportunity and requests additional capital. July 27: Citadel Securities warns of a surprise Fed rate hike. July 28: Markets sell off following the report; Leopold scrambles to raise and borrow more money. July 29: Banks issue margin calls. July 30: Citadel buys Leopold’s entire portfolio at a steep discount. **Netflix gotta make a documentary on this one 😂**