A $16B AI hedge fund lost two-thirds of its value in ~72 hours this week and got sold overnight. That's where this week's episode starts. Six stories:

1/ Situational Awareness — @leopoldasch's AI fund — fell 67% as chip and tech equities pulled back. Facing margin calls from @GoldmanSachs, @jpmorgan, @BankofAmerica and @Citi, he moved a $16B equity book to Ken Griffin's @Citadel at a steep discount in a single 24-hour negotiation. Outbid @JaneStreet and @Millennium. The fund is still +80% YTD. It's abandoning bank leverage entirely and keeps a $5B @AnthropicAI stake. The lesson isn't "young manager blew up." It's short-duration prime broker debt.

2/ @elonmusk launched X Money on @X. 6% yield on deposits ($1k min), 3% cashback, real-time transfers, a @Visa debit card. Not a bank — it runs on @CrossRiverBank rails. Nobody has e ...