By Svea Herbst-Bayliss

BOSTON, (Reuters) – Prominent hedge funds such as Point72 Asset Management (NYSE:) invested in Twitter during the first quarter. This put them in a strong position to make big gains in the second quarter. Elon Musk’s plans for buying the company were revealed by Bridgewater Associates.

Point72 was run by Steven A. Cohen and bought 1.5 million shares of common stock worth $58.8million, while Balyasny Capital Management bought roughly the same number, according to Symmetric.io data. Holocene Advisors acquired $56 millions worth of shares while Bridgewater Associates (founded by Ray Dalio) took $8.3million.

Hedge funds DE Shaw & Company and Bandera Partners also purchased millions of dollars worth of shares, adding to the positions they already owned.

These so-called 13F files show investors’ ownership on March 31. Musk filed a 13F filing in April that listed him as a new shareholder. This was a significant development which pushed stock prices up as Musk revealed his plans for the company.

The news that Musk (NASDAQ:) Inc was the chief executive of Tesla’s electric car manufacturer, sent Twitter shares soaring more than 30% by April 1. This is a positive sign in the midst of turmoil within the tech sector. The shares rose higher after Musk announced that he would be taking Twitter private in April.

Data from Symmetric.io shows that twenty fund companies increased their Twitter stakes, and eleven made new investments in the first three months. Although regulatory filings can be retroactive, they will still be closely watched to see if there are any investment trends. Investors with positions in March could see huge gains if they stayed on Twitter through April.

However, there were prominent investors that moved in the other direction and liquidated or cut positions when the stock price dropped over the months.

After the stock lost 36% between October and January, they lost confidence in Twitter.

Symmetric.io data and filings show that 33 firms reduced their stakes, while 37 left the market altogether.

Southpoint Capital Advisors sold $138 million of stock while Millennium Management, Citadel and Citadel all reduced their holdings.

Representatives from the fund either refused to comment on requests or didn’t respond.