In short: Heavily short (with VCX): a listed pre-IPO fund with concentrated OpenAI/Anthropic secondaries, de-rating as enterprise-AI moats look weaker than hyped.
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In short: Referenced as one of the less-liquid listed pre-IPO funds (with VCX/PWRL) — far thinner than SATS, which is why hedgers used SATS options instead.
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In short: Named as another listed pre-IPO venture fund in the VCX genre (with newcomer PWRL) — VCX was simply "the most overvalued one in the market."
51:07most overvalued one in the market was this VCX in fact we had tweeted about it if you look at our timeline back in March it was trading at $565 a share or roughly 40 times its stated NAV over 40 times stated nav of about $20 a share. and we started to get short around once the options were listed around 300 a share at in March a couple different times.
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