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Elon Musk Expects Tesla To Be Worth More Than Saudi Aramco & Apple Combined By 2030

Billionaire investor Ron Baron's bet on Tesla Inc is more of a bet on the man behind the wheel: Elon Musk

Billionaire investor Ron Baron’s bet on Tesla Inc is more of a bet on the man behind the wheel: Elon Musk. He’s already made a pretty penny from his investment, but he isn’t hitting the brakes anytime soon. Baron expects Tesla stock to rise close to 1,000% over the next seven years

Tesla CEO Elon Musk gestures as he arrives to visit the construction site of the future US electric car giant Tesla, on September 03, 2020, in Gruenheide near Berlin. Musk is one of the biggest drivers for Tesla slashing its prices allowing for more sales for the company. ODD ANDERSEN/BENZINGA

Earlier in the year of 2023, Tesla’s stock went up by 98% to $207.

“The demand outlook for 2023 has surpassed even the bull case scenario and caused a short covering for the ages,” Wedbush tech analyst Dan Ives told Yahoo Finance via email.

Baron has been a Tesla investor since 2014, but he’s not just looking in from the outside of the cabin — he talks with Musk regularly.

Musk told him he expects Tesla to produce 20 million cars by 2030, Baron said Tuesday on CNBC’s “Squawk Box.” Musk also boasted that the company will be worth more than Saudi Arabian Oil Co and Apple Inc combined by the end of the decade.

“I think it’s going to be worth a lot,” Baron said. “I think the stock will sell at $500 a share in 2025, and I’m thinking $1,500 a share by 2030.”

During the first three quarters of 2022, Tesla produced over $57 billion in revenue primarily coming from the sale of its vehicles, according to

“Our focus on continuous product improvement through original engineering and manufacturing processes have further optimized our ability to make the best product for an industry-leading cost,” said one official from Tesla. 

Tesla CEO Elon Musk on his white Tesla car (C) tours the construction site of the future US electric car giant Tesla, on September 03, 2020, in Gruenheide near Berlin. Tesla has been the top EV market for many consumers going electric with other competitors entering the EV market. ODD ANDERSEN/BENZINGA

When Tesla started slashing the price of its vehicles toward the end of the fourth quarter, but Musk knew what he was doing, Baron said.

The Tesla CEO was cutting prices to impact profitability of automakers making internal combustion engine vehicles that want to compete on cost. Most of them can’t and so Tesla has seen a historic rise in demand, the longtime Tesla bull said.

“All of a sudden, demand picks up so much it’s unprecedented,” Baron emphasized. 

Casting and batteries are driving down costs for Tesla, he said, adding that a $20,000 vehicle is on the horizon. 

“That’s going to make this company go up ten times again,” Baron said. 

Barron touted Tesla’s safety (i.e., roofs being 30% to 40% stronger than any other cars and its lower center of gravity). He also cited a story from early January where a man drove a Model Y off a cliff, fell 250 feet to the ground and all passengers made it out alive. 

“I told Elon he has to tell people if they want to commit suicide, they should not be driving a Tesla,” Baron quipped, calling Musk a visionary. Where other companies were wrong, Tesla was right in its early predictions about the future of transportation, he explained.

“He is a driven man,” Barron added. “The culture he has is being innovative and driving down his costs.”

Tesla has a 52-week high of $384.29 and a 52-week low of $101.81. The stock is up close to 60% since the start of the year.


Produced in association with Benzinga.

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