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This morning, CNBC hosted billionaire investor and founder of Baron Capital Management, Ron Baron, for a 25 minute discussion on Baron's investments and the state of the stock market. Baron has been an investor in Tesla for many years and brought up his investment a few times during the conversation. Despite  (TSLA) - Get Tesla Inc. Report stock increasing by more than 300% over the last 12 months, Baron remains confident in the upside potential for the company.

"I would like to be able to get more money to buy more Tesla, actually." - Ron Baron

Some Baron Capital Management funds have recently sold TSLA shares, but only in small amounts, likely due to normal rebalancing. Baron believes Tesla's valuation can increase ten-fold before they need to consider selling any significant portion of their holding in the company.

"[In the case of Tesla], I told you a long time ago that I thought that we would make 20 times our money in Tesla. So far we've made four times. I now think we're going to make double or triple again over the next five years, and double or triple again over the next five years. I think there's 10 times more to go in Tesla before I have to even think about this if we're right" - Ron Baron

In his closing comments, Baron made sure to reiterate this point.

"[The opportunity] in Tesla, that's going to be two or three thousand in five years. And multiply that over the next five years." - Ron Baron

Baron expressed confidence in Elon Musk and also has a $100M+ position in privately-held SpaceX.

"I think we're going to make 20 times in SpaceX over the next 10 years. That is an amazing opportunity as well." - Ron Baron