Do not use the notional value of Leopold’s put options. It is very misleading. Leopold Aschenbrenner’s Situational Awareness LP 13F: Common stock longs: $3.856B Call positions, underlying value: $1.362B Total long / call exposure: $5.218B The reported put value is mostly underlying notional, not the actual premium paid. Some estimate: he may have spent around $500M buying the puts. Very rough number, but directionally important. This looks less like a “massive bearish short” and more like a large downside hedge / protection overlay against his long AI infrastructure plays. Most likely, he was hedging for war / macro tail risk (seems reasonable hedging) and the puts got smoked after the massive semi rally in April. Now FinX is running with the fear narrative.

Dang... today the federal jury in Oakland unanimously ruled against Elon Musk. This is what happened. Elon co-founded OpenAI in 2015 as a nonprofit to build AI for humanity’s benefit. He donated ~$44 million but left the board in 2018. In 2024 he sued Altman, OpenAI & Greg Brockman, claiming they “stole a charity” by turning it into a for-profit company (with massive Microsoft funding) and abandoning the original mission. Elon wanted: • ~$150 billion in damages • Sam Altman removed as CEO • Force OpenAI back to nonprofit status This is what the jury decided today: They didn’t even rule on whether OpenAI broke its promise... Instead, they ruled Musk filed too late. The statute of limitations had expired claiming he knew about the for-profit plans years earlier. The judge accepted the jury’s advisory verdict... The result: Elon got nothing. No money, no leadership changes, no forced restructuring. OpenAI (now valued at ~$850B+) keeps operating as is. Elon can still appeal, but today was a clear legal win for Sam Altman and OpenAI.