Billionaire Ron Baron’s company sold 1.8 million Tesla shares, though the price will hit $ 2,000
Ron Baron, founder of Baron Capital.
Anjali Sundaram | CNBC
Billionaire Ron Baron has sold 1.8 million Tesla shares for customers in the past six months, despite believing the stock will climb to $ 2,000 over the next 10 years.
Baron, a longtime Tesla shareholder, said Thursday morning on CNBC’s “Squawk Box” that his eponymous company sold the shares because they made up too large a percentage of some portfolios.
“It was painful to sell every single share,” he said, adding that he had not sold any of his 1.125 million shares in the electric car maker.
Baron Capital held just over 6.1 million Tesla shares as of February 28. They were purchased at an average cost per share of $ 42.34.
Tesla’s shares rose 338% over the past year to $ 653.20 per share. The market capitalization is around $ 619.2 billion.
“We’re looking for a lot more,” Baron said of Tesla shares.
In June, Baron told CNBC that he believes Tesla stock has “ten times more to do”. Shares have since shot higher. Then in October, Baron said he believed Tesla would eventually become a $ 2 trillion company. On Monday, Tesla’s market cap was just over $ 600 billion.