3/4, 4:54 PM (Source: TeleTrader)
more TeleTrader news

Baron Capital sold 1.8M Tesla shares despite price growth forecast

Ron Baron, investment manager and founder of Baron Capital explained on Thursday in an interview with CNBC that asset management company sold 1.8 million Tesla shares for its clients in the past six months for "risk mitigation" reasons as the stocks were taking over 50% of some portfolios.

Nevertheless, Baron did not sell any of his 1.1 million Tesla shares in his personal portfolio and he plans to retain them for "10 years at least" as he believes the price could soar up to $2000 a share.

"Whats Tesla does is that they want to have a software which is going to be produced by the end of this year, which is going to be able to take a car and drop it anywhere and drive it like you would, better. And they want to use machine learning and artificial intelligence [...] and if they can do it, that business is going to be this giant home run, that's what Elon is projecting," Baron said.

Breaking the News / LH