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Billionaire investor Ron Baron isn’t flinching during the latest tech selloff, and he’s certainly not touching his own Tesla shares, he said.
The longtime growth investor said he sees the pullback as a chance to spot bargains, even as volatility has rattled the biggest names in tech recently.
“Not very much,” Baron said Friday on CNBC’s “Squawk Box” when asked what he’s doing amid the drawdown. “Just looking and trying to understand where opportunities are and try to take advantage of them.”
His conviction is especially intense when it comes to Tesla, one of his signature bets. He recalled selling a third of Baron Funds’ Tesla holding a few years ago due to criticism from his clients and the media about the significant concentration in a single stock. Baron emphasized that his personal position remains entirely intact.
“We sold 30% for clients. I did not sell personally a single share,” he said.
Roughly 40% of his personal net worth is invested in the electric-vehicle maker, alongside 25% in SpaceX and about 35% in Baron mutual funds.
Tesla shares are down 18% from their 52-week high and were on track to open 5% lower on Friday as investors this week rethink the AI-related shares that have led the bull market.
Baron said he’s already made about $8 billion from Tesla over the years, and he believes he could make five times that over the next decade.
Baron recounted a promise he made to the board of his mutual funds when he sought approval decades ago to invest in public stocks, a pledge that effectively binds him to Tesla and SpaceX for life.
“I told the board, ‘If you let me invest a certain amount of money, then I will promise that I won’t sell any of my stock. I will be the last person out of the stock,'” he said. “I will not sell a single share of my shares until my clients sold 100% of their shares. … And I don’t expect to sell in my lifetime Tesla or SpaceX.”