We’ve heard a lot about the hedge funds—and, really, specifically the hedge fund—getting repeatedly kicked in the nuts by Elon Musk. About the billions and billions lost and the double-digit drawdowns and the fact that even yet another SEC probe into the company can only temporarily slow the meteoric rise in its share price.

But what of the investors on the other side of those shorts? Well, they’re doing quite well, as you’d expect, given who they are.

Billionaire Ray Dalio’s Bridgewater Associates, Viking Global Investors, and Granite Point Capital were among prominent hedge funds placing new bets on electric carmaker Tesla Inc in the fourth quarter, positioning them to gain from its nearly 100% rally over the first six weeks of the year.

That’s very nice for them, but to be honest it’s pretty small fry for them. Bridgewater bought 45,000 shares and Viking 52,000, so those gains aren’t gonna do too much for their bottom lines. RenTech, though? Let’s just say its computers knew the right time to go all in.

The $60bn hedge fund built a stake of more than 2 per cent in Tesla in the three months to December, putting it in position to benefit from the company’s vertiginous rally past $900 a share in early February assuming it held the stake.

Filings with the Securities and Exchange Commission show Renaissance owned almost 4m Tesla shares at the end of last year, making the Elon Musk company its second-largest holding behind Bristol-Myers Squibb.

Hedge fund Renaissance built stake ahead of Tesla share surge [FT]
Bridgewater, Viking among big hedge funds that added Tesla in fourth quarter before rally [Reuters]
The Agony of the Tesla Bears: $8.4 Billion of Losses in Five Weeks [WSJ]
Tesla Bruises Another Hedge Fund With Bearish GMT Facing Losses [Bloomberg]
Tesla Faces a New S.E.C. Investigation [NYT]