<text x="40" y="120" transform="rotate(90, 40, 120) scale(1,2)">}</text>
That will double all the y coordinates, and since you've turned it 90 degrees, will stretch it horizontally.
Attempting to learn SVG from the W3 spec is going to leave you frustrated and confused. It's not written as a tutorial on how to use it. Here's a great resource on SVG transforms. I'd recommend reading that entire e-book if you're really interested in SVG. I think it's the best resource out there.