Prominent hedge funds, including Bridgewater Associates and Point72 Asset Management had invested in Twitter in the first quarter, before Elon Musk unveiled his plans to acquire the company. They are now on course to reap big gains.

Headed by Steven A. Cohen, Point72 had purchased 1.5 million common shares worth $58.8 million while Balyasny Capital Management had purchased roughly the same amount, shows regulatory filings. Holocene Advisors had bought shares worth $56 million while Bridgewater Associates bought a stake worth $8.3 million.

Hedge funds DE Shaw & Company and Bandera Partners had also purchased Twitter shares worth millions of dollars in addition to the shares they already owned.

There have also been prominent investors who exited from their stakes in Twitter after the stock price had slipped over months.

Regulatory filings and data from Symmetric.io show that 32 firms cut their stakes while 37 exited altogether.

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Tags: Balyasny Capital Management, Bandera Partners, Bridgewater Associates, common shares, DE Shaw & Company, Elon Musk, first quarter, hedge funds, Holocene Advisors, invested, investments, Point72 Asset Management, Q1, Twitter