Hedge funds aren't married to the stocks they own. They'll buy and sell or even short depending on what the next short-term price move will be. As long as the price moves and they predicted it (possibly because they caused it), it's all good for them.

everyone was cheering, it was boom times. The reality is that Putin's war reset the table, and set the entire world down a different path. These lay offs - as tough as they are for the individuals concerned - are a part of that pivot