Tesla became the favorite of some big hedge funds at the end of last year. George Soros, Steve Cohen, and Jim Simons funds have bet big on Elon Musk's company.
Some of the world's top investors poured a significant portion of their funds into Tesla last quarter, according to Market Insider. George Soros, Steve Cohen, and Jim Simons funds bought shares in the manufacturer during the three months that ended December 31, the Securities and Exchange Commission filings showed this week. The list of three major funds that bet on Tesla last quarter is as follows:
1. Soros Fund Management
Soros Fund Management purchased about 42,000 Tesla shares last quarter. The purchases increased its stake to about 132,000 shares worth over $16 million as of December 31. The fund also bought bullish call options on another 200,000 of the maker's shares, which have likely paid off already given Tesla's share price is up about 60% this year.
2. Point72 Asset Management
Steve Cohen's Point72 Asset Management grew its stash of Tesla call options from 50,000 to 60,500 last quarter. The hedge fund also purchased 878,000 Tesla shares worth $108 million at the end of December, placing Elon Musk's company in the top 60 of its nearly 1,500 year-end holdings.
3. Renaissance Technologies
Jim Simons increased its stake in Tesla from 1,400 to an impressive 3.4 million shares last quarter. The purchases increased the value of his position more than 1,000 times, from less than $400,000 to over $400 million as of December 31.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.