Leopold Aschenbrenner’s massive liquidation event followed heavy leverage and losses in its AI infrastructure bets. Today, we discuss the July timeline, the sale of the public equity book to Citadel, and the remaining Anthropic stake. ------ 🔒 Check Out Our Sponsor: LEDGER AGENT STACK 🔒 https://developers.ledger.com/?utm_source=Audio&utm_medium=Podcasts&utm_campaign=Limitless ------ 🌌 LIMITLESS HQ ⬇️ EMAIL US:            info@limitless.fm NEWSLETTER:    https://limitlessft.substack.com/ FOLLOW ON X:   https://x.com/LimitlessFT SPOTIFY:             https://open.spotify.com/show/5oV29YUL8AzzwXkxEXlRMQ APPLE:                 https://podcasts.apple.com/us/podcast/limitless-podcast/id1813210890 RSS FEED:           https://limitlessft.substack.com/ ------ TIMESTAMPS 0:00 Leopold’s Rise and Fall 2:41 The Unraveling Begins 4:14 Margin Calls and Liquidation 7:03 Citadel Swoops In 9:13 Hunting the Position 10:19 Aftermath 11:25 Anthropic Saves the Fund 13:44 Ken Griffin's History 16:30 Was Leopold Right? 18:41 Bear Case 21:21 Recursive Self-Improvement 22:25 Ledger 23:24 Leverage Lessons 23:59 Closing ------ RESOURCES Josh: https://x.com/JoshKale Ejaaz: https://x.com/cryptopunk7213 ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠ Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.