Billionaire investor Ron Baron is standing by Elon Musk’s Tesla even in the face of its dramatic sell-off. The stock plunged 15% on Monday, its biggest one-day loss since September 2020.

“I can’t believe how cheap they are, things that we look at,” Baron said Tuesday on CNBC’s “Squawk Box.” “I was thinking we would make four times over the next 10 years. I think we’re going to make more than that now from these prices.”

The Baron Capital chair and CEO first invested $400 million in Tesla between 2014 and 2016, and that early bet has made him billions of dollars as the electric vehicle company gained mainstream acceptance. Tesla represented 12% of Baron’s entire portfolio across different funds at the end of 2024.

Tesla shares have been on a roller coaster ride since Musk went to Washington, D.C., to take on a major role in the second Trump White House. Tesla just suffered a seventh straight week of losses, its longest weekly decline since debuting on the Nasdaq in 2010.

Baron Capital trimmed its Tesla position in the second quarter last year because the holding had gotten too big in its portfolio. Baron vowed that his personal Tesla shares would be the last he would touch when it comes to portfolio management.

“I’m the last in, I’ll be the last out. So I won’t sell a single share personally until I sell all the shares for clients, and that’s what I’ve done,” he said.

Musk admitted Monday he is running his businesses “with great difficulty,” as he took on the role of heading Trump’s advisory Department of Government Efficiency, which is engaged in a broad, controversial effort to reduce federal government spending and slash employee headcount at dozens of agencies.

“I would hope that he would be a little less visible, but he feels that this is the way he’s going to get things done,” Baron said of the 53-year-old Musk. “He is more charged up about his business now than he’s ever been.”