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04 Mar 2021 | 15:26

Baron Capital sells 1.8m Tesla shares over past 6 months

(Sharecast News) - Billionaire investor Ron Baron's namesake firm sold 1.8m shares in Tesla over the preceding six months despite his belief that the stock price would surpass $2,000 in the next decade. Baron told CNBC on Thursday that his namesake firm, Baron Capital, sold the shares because they were becoming too large a percentage of some portfolios.

"It was painful selling every single share," he said, adding that he personally has not sold any of his more than 1.1m shares in the iconic electric car manufacturer.

He said "risk mitigation" was appropriate for his clients regarding the sale of their shares of Tesla.

Baron Capital held more than 6.1m Tesla at the end of February.

Shares of Tesla had run up 338% in the past year to $653.20 a share, giving the firm a market capitalisation of about $619.2bn.

Back in October, Baron predicted that Tesla would eventually become a $2trn company, said CNBC.

Tesla is not the only EV carmaker that Baron Capital is investing in. The firm has also pledged money in the privately held start-up Rivian as well as Cruise, an autonomous vehicle company that's majority-owned by General Motors.
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