Renaissance Technologies doubled down on Tesla, ramped up its GameStop wager, and slashed its AMC Entertainment stake in the first quarter.
RenTech, founded by a Cold War codebreaker and former MIT math professor named Jim Simons, boosted its Tesla stake by 109% to 1.6 million shares — worth $1.7 billion at the end of March.
Simons' quantitative hedge fund also grew its GameStop position 118-fold to 307,000 shares, valued at $51 million as of March 31.
Moreover, RenTech cut its AMC holdings by 61%, and the cinema-chain's stock price slid 9% in the period. As a result, the position's value tumbled by almost two-thirds to $45 million.