Jim Simons' RenTech fund supercharged its Tesla bet last quarter, boosting its value 1,000 times to over $400 million
bet by more than 1,000-fold last quarter, making Elon Musk's automaker one of its largest holdings.
The quantitative fund owned 1,400 Tesla shares worth less than $400,000 at the end of September. It ramped up its wager to 3.4 million shares valued at $419 million by December 31, aTesla stock plunged by 55% in the fourth quarter of last year, as investors feared surging interest rates and a looming recession would hammer demand for electric vehicles.
However, it has rallied 80% since the start of January, reflecting growing hopes that the Federal Reserve will cut interest rates later this year, and the US economy will escape a severe recession. Assuming RenTech hasn't touched its Tesla stake in the past six weeks, it was valued at $663 million as of Monday's close., was founded by Jim Simons, a former NSA codebreaker and MIT math professor. It leans on algorithms to decide many of its trades, leading to significant changes to its stock portfolio every quarter.
Simons' fund counted Tesla as its number-two holding as recently as March last year, when it owned a $1.2 billion stake in the carmaker. It
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