Citadel sent a message that the Situational Awareness portfolio run by Ken Griffin has had more than 80% of its risk positions removed. With a flagship multi-strategy fund totaling $3.2 billion, the fund cut its risk exposure over the past week to its sharpest level since March 2024. In the same period, there was the Apollo data leak, Meta preparing to face lawsuits in 29 states, and heightened overall defensive sentiment among hedge funds. Before Wasch’s Thursday debut at Jackson Hole, many big players first extended a foot out of the fire to test the temperature.