A famous hedge fund bought Tesla stock before it surged 91% this year. It potentially raked in over $1.5 billion from the bet.

Elon Musk AP

Renaissance Technologies possibly made around $1.5 billion in two weeks after buying Tesla stock .
The hedge fund increased its position on 3.9 million shares, worth about $1.6 billion in the end of December.
These stocks are now worth nearly $3.2 billion following Tesla’s 91% inventory rally this year.
If Renaissance bought Tesla at $250 in October and offered in the 97o summit, it might have totaled nearly $3 billion.
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Renaissance Technologies may have netted around $1.5 billion in just two weeks, as it bought a load of Tesla inventory before it rocketed up 91% this year.

The qualitative hedge fund, founded by Cold War codebreaker and math professor Jim Simons, bought 3.3 million shares in Elon Musk’s electric-car startup last year, recent SEC filings show. The purchases boosted its entire holding to approximately 3.9 million shares — a 2.1% stake — in the end of December, according to Bloomberg data. See the rest of the narrative at Business Insider

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