Jim Simons' RenTech fund virtually eliminated its $500 million Tesla stake last quarter - and slashed its Twitter bet by 90%
The quantitative fund pared its Tesla position from a split-adjusted 2.2 million shares valued at $504 million at the end of June, to only 1,400 shares worth less than $400,000 at the end of September.
Simons' fund commanded a $1.7 billion stake in Tesla as recently as March 30, making Elon Musk's electric-vehicle company its number-two holding at the time. However, itin the second quarter of this year, and has now pared it to almost nothing as of September 30. RenTech made striking changes to three of its top five holdings last quarter. It slashed its stakes in Apple and Facebook-owner Meta by roughly 80%, and more than halved its Chevron position. On the other hand, it boosted its Airbnb bet by 30% to 7.3 million shares, meaning the home-rental platform jumped from its 17th-largest holding to number four on the list.
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