Tesla shareholder Ron Baron still believes in Elon Musk despite 'self-inflicted wounds'
Baron, speakingcited Tesla's ongoing expansion in China; revenue growth; and advancements in all-electric vehicle technologies as reasons for his unwavering support.
"Tesla has an opportunity," he said, adding several automakers — specifically German competitors — are now attempting to play catch-up with Tesla on its advanced technology. Baron, CEO and chief investment officer of Baron Capital, also mentioned the cost of batteries for all-electric vehicles lowering by tens of thousands of dollars as a positive for the company.Baron Capital owns more than 1.6 million shares of Tesla valued at $358 million. Tesla is currently Baron's 13largest holding, down from eighth late-last year. Baron said the decline was due to value depreciation, not the firm selling shares.
"We haven't sold any stock," he said, citing Tesla's stock was previously valued at more than $300 per share prior to "some self-inflicted wounds."for the company following Musk tweeting about having "funding secured" to take the company private at $420 a share in August 2018.that removed Musk from his chairman role at the company.revenue by 2030. Tesla's revenue was $21.5 billion in 2018, up from $11.8 billion a year earlier.
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