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Key Words: Tesla to $10,000 a share? This billionaire market bull is banking on it

Key Words

Billionaire Elon Musk, chief executive officer of Tesla Motors, has reason to smile.

Bloomberg News/Landov

‘There’s 10 times more to go.’

That’s billionaire investor Ron Baron, in a CNBC interview on Tuesday, going full bull on his big position in Tesla

as the stock approaches $1,000 a share.

“I told you a long time ago that I thought we would make 20 times our money in Tesla,” Baron went on to explain. “So far, we’ve made four times. I now think we’re gonna make double or triple again over the next five years and double or triple again over the next five years.”

Baron’s investment firm holds 1.6 million shares of Tesla at an average cost of $219.02 each, according to Baron Capital data cited in the CNBC story. He said he’s looking to add to his Tesla stake, which is currently valued at $1.5 billion as of Monday’s closing level.

Baron’s portfolio is up 8% to 9% this year, CNBC reported, and he’s adding to his positions in several companies in the belief that the market is in good shape going forward. At last check, the Dow Jones Industrial Average

and S&P 500

were trading lower while the Nasdaq Composite

was in the green.

Watch the full interview:

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