The Wall Street and Silicon Valley Investors Who Got Burned by Situational Awareness

1. FROM MY DESK

We start today with an inside look at who got caught in the collapse of Situational Awareness, the AI hedge fund that drew a formidable lineup of Wall Street and Silicon Valley investors. Our reporters break down who they are—and why so many backed a 24-year-old founder with no prior professional investing experience. Citadel’s move to snap up the fund’s stocks, however, is already paying off.

We also dissect the meteoric rise of Whatnot, a live-shopping app where some users bid until they’re broke, and we detail how New York Mayor Zohran Mamdani is severing City Hall’s longstanding ties with business leaders.