Billionaire investor Ron Baron isn't shying away from the recent tech sell-off, and he's certainly not budging on his own Tesla Stocks, he said.
The long-time growth investor said he viewed the decline as an opportunity to find bargains, even as volatility has rocked tech's biggest names of late.
“Not very much,” Baron said Friday on CNBC's “Squawk Box” when asked what he's doing amid the decline. “I just look and try to understand where the opportunities are and try to take advantage of them.”
His conviction is particularly strong when it comes to Tesla, one of his most important bets. He recalled selling a third of Baron Funds' Tesla stake a few years ago because his clients and the media criticized the significant concentration on a single stock. Baron emphasized that his personal position was completely intact.
“We sold 30% for customers. Personally, I didn't sell a single share,” he said.
About 40% of his personal net worth is invested in the electric vehicle maker, as well as 25% in SpaceX and about 35% in Baron investment funds.
Tesla shares have fallen 18% from their 52-week high and were on track to open 5% down on Friday, as investors this week reconsider the AI-related stocks that have led the bull market.
Baron said he has already made about $8 billion from Tesla over the years and believes he could make five times that in the next decade.
Baron recounted a promise he made to the board of his investment funds decades ago when he sought approval to invest in public stocks, a promise that effectively tied him to Tesla and SpaceX for life.
“I told the board, 'If you allow me to invest a certain amount of money, I promise that I will not sell any of my shares. I will be the last person to get out of the stock,'” he said. “I will not sell a single share of my stock until my clients have sold 100% of their shares. … And I don't expect to sell Tesla or SpaceX in my lifetime.”