Man of the day: Ken Griffin.
On Tuesday, just ahead of the Fed decision, a report circulated that the central bank was preparing to raise rates.
The market sold off at a particularly awkward moment.
Leopold was already a forced seller—the entire public book had to be liquidated.
Offloading that size into a falling tape risked accelerating the decline. A block buyer was required.
Citadel stepped in as this buyer, acquiring the position at a discount.
By the open, the estimated profit stood at roughly $1.25 billion.
Ruthless. Efficient.
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