Billionaire investor Ron Baron sold 1.8 million shares of Tesla during the last six months for clients despite believing the stock will increase to $2,000 over the next 10 years.
Baron, a longstanding Tesla shareholder, said Thursday morning on CNBC’s “Squawk Box” that his namesake firm 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 has not sold any of his more than 1.1 million shares of the electric carmaker. He said “risk mitigation” was appropriate for his clients regarding the sale of their shares of Tesla.
Baron Capital held more than 6.1 million Tesla shares as of Feb. 28….