Today, a lot of people are talking about how @LeoATracker is done for. His fund got liquidated and acquired by Citadel, and then the market immediately went crazy with a rebound. After the news broke, the market quickly shifted into full-on gossip and meme mode, with many discussing how this former 'genius' has fallen from grace. I get why people feel a mix of emotions, maybe even a bit of schadenfreude, when they see someone who rose to fame at a young age take a tumble. To be honest, I felt a little of that myself at first. But after thinking it through, I believe he’s fundamentally different from SBF. 1. He didn’t break the law. SBF’s downfall wasn’t just about failed investments—it was about alleged crimes. He lost his freedom and likely won’t have a chance to start over for decades. Leopold is different. He simply made a massive investment mistake and got caught in a last-minute trap set by Old Deng. 2. He still holds two key cards. He retains equity in Anthropic. He’s engaged to Anthropic’s Chief of Staff, meaning he still has top-tier connections and resources in the AI world. These are advantages that most people could never replicate. 3. He’s still very young. Time itself is the most valuable asset. For a genius in his twenties, a major failure doesn’t have to be the end—it could actually be the fastest path to growth. Failing early is better than failing late. Going through the collapse of FTX, and now this journey of building millions into over $400 million only to crash back down—very few people in the world have experienced something like this. This kind of experience isn’t something you can learn from books or in a classroom. If this doesn’t completely break his spirit, then the next time he rises, he might be even more formidable than before. Looking forward to his comeback.