Billionaire investor Ron Baron bought 1.8 million shares of Tesla for purchasers since August regardless of believing the inventory will enhance to $2,000 over the subsequent 10 years.

Baron, a longstanding Tesla shareholder, instructed CNBC’s “Squawk Box” on Thursday that his namesake agency bought the shares as a result of they have been turning into too giant a proportion of some portfolios.

“It was painful promoting each single share,” he stated, including that he personally has not bought any of his greater than 1.1 million shares of the electrical automobile maker. He stated “danger mitigation” was applicable for his purchasers concerning the sale of their shares of Tesla.

Baron Capital held greater than 6.1 million Tesla shares as of Feb. 28. They have been bought at a median value of $42.34 per share. The agency reported promoting 1.8 million shares of Tesla from August by way of February. Baron instructed CNBC that 1.7 million of these shares have been bought within the final six months. About 1.2 million of these shares have been bought at $400 to $900 a share, based on the corporate.

Shares of Tesla are up 338% previously yr to $653.20 a share. Its market cap is about $619.2 billion.

Baron stated he plans to retain his shares for “10 years at the least,” saying he instructed Tesla CEO Elon Musk that he “can be the final out.”

“We’re wanting for lots extra,” Baron stated. “I feel in 10 years our goal is $2,000 a share.”

In June, Baron instructed CNBC he believed that “there’s 10 times more to go” on the upside on Tesla inventory. Shares have since shot increased. Then in October, Baron predicted that Tesla would eventually become a $2 trillion company.

Baron has diversified his investments concerning electrical and autonomous autos outdoors of Tesla. Most notably, he stated his agency is an investor in privately held EV start-up Rivian – an upcoming rival to Tesla – in addition to Cruise, an autonomous automobile firm that is majority-owned by General Motors. Baron stated his agency bought greater than 1.2 million shares of Cruise for $10 million in January.

With out naming any firms, Baron stated he is speculative of different EV start-ups. A number of different firms have or are planning to go public by way of reverse mergers with particular function acquisition firms.

“Should you suppose all these firms beginning up are going to make it, I feel it is a dream,” Baron stated. “I feel it is astonishing they’re getting a lot capital.”