Billionaire Ron Baron Holds $1B Stake In Elon Musk's SpaceX: Report

Ron Baron, the Billionaire investor and fund manager, reportedly holds more than $1 billion worth of shares in Elon Musk's rocket company, SpaceX.

Baron is a close associate of Musk and long-time investor in the electric car company Tesla Inc TSLA, Reuters reported.

He has also invested about $100 million to take X, formerly Twitter, private, the report noted.

"We're one of the largest investors in SpaceX," said Baron.

Baron's company has been channeling its funds to acquire privately owned SpaceX stock since 2017.

Space X, whose investors include Alphabet Inc GOOGL and Fidelity Investments, had raised about $1.6 billion through equity financing in June 2022.

Baron observed that Tesla could become four-five times bigger in the next seven years. Back in June, he predicted that Tesla stock could reach $500 by 2025.

In July, he pointed out that despite going through "terror attacks and inflation and wars and pandemics," the U.S. stock market "is up 34 times since 1970."

"Assuming that you get the same 7%, that means that you're going to have 35 times your money over the next 50 years, which means that the Dow Jones, which is now 34,000, would be 900,000," Baron said then.

Price Action: TSLA shares are trading higher by 0.33% at $272.19 in premarket on the last check Thursday.