Billionaire investor Ron Baron believes Tesla will hit $1 trillion in revenue in 10 years and continue to grow from there.
"It's no where near ended at that point and time," he said Tuesday morning on "Squawk Box." "There's a lot of growth opportunities from that point going forward."
Baron, whose eponymous investment firm holds nearly 1.63 million Tesla shares, said his Baron Capital firm will not sell a single share of company, saying Tesla's recent run is "just the beginning."
Tesla's stock has climbed nearly 220% in the past six months, including roughly 86.5% this year. The company's market cap is now more than $140 billion -- nearly triple that of General Motors but below Toyota Motor at roughly $227 billion.
The stock closed up 19.9% on Monday at a record high $780 per share. Shares were up more than 6% in pre-market trading on Tuesday to about $833 per share.
Monday marked the best day for Tesla since May 2013, when the company reported its first quarterly profit and Consumer Reports gave the Model S a "near perfect" score.
Investors betting against Tesla's stock have lost more than $8 billion since the beginning of the year, according to data from S3 Partners, including nearly $2.5 billion in losses on Monday's surge alone.
In 2018, Baron first made headlines by saying Tesla could generate $1 trillion in revenue by 2030. Tesla's revenue was $21.5 billion in 2018, up from $11.8 billion a year earlier. It reported revenue last week of $24.6 billion in 2019.
https://news.google.com/__i/rss/rd/articles/CBMiXWh0dHBzOi8vd3d3LmNuYmMuY29tLzIwMjAvMDIvMDQvcm9uLWJhcm9uLXRlc2xhLXRvLWhpdC0xLXRyaWxsaW9uLWluLXJldmVudWUtaW4tMTAteWVhcnMuaHRtbNIBYWh0dHBzOi8vd3d3LmNuYmMuY29tL2FtcC8yMDIwLzAyLzA0L3Jvbi1iYXJvbi10ZXNsYS10by1oaXQtMS10cmlsbGlvbi1pbi1yZXZlbnVlLWluLTEwLXllYXJzLmh0bWw?oc=5
2020-02-04 12:12:00Z
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