Jim Simons' RenTech first bet on Tesla a decade ago - and the fund once held a stake in Elon Musk's automaker worth $12 billion today
RenTech was founded by Jim Simons, a former NSA codebreaker and MIT math professor. It relies on algorithms to decide most of its trades, and ranks among theThe quantitative fund took an interest in Tesla as early as the second quarter of 2013, or about three years after Elon Musk's car company went public, filings show. It initially purchased 178,000 shares, or 2.7 million after adjusting for Tesla's 5-for-1 stock split in 2020 and its 3-for-1 stock split last August.
The electric-vehicle maker's stock price has surged by about 28 times since then, from a split-adjusted $7 to $198 as of Friday's close. RenTech's original position would be worth over $500 million today, compared with just $19 million when it was first purchased. Over the next two quarters, Simons' fund bolstered its Tesla bet to a split-adjusted 9.1 million shares — worth $126 million at the time, and $1.8 billion as of Friday's close.
RenTech owned the automaker's stock on and off for the next few years. Its position ultimately peaked in the fourth quarter of 2019 at 59 million shares — worth $1.6 billion at the time and $11.7 billion today.
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