Ron Baron, the billionaire founder of Baron Capital, was a guest on CNBC's "Squawk Box" Wednesday to talk about one of his hottest stock ideas -- Tesla Inc (NASDAQ: TSLA).

Back in June 2016, Baron expressed "high hopes" for Tesla and confirmed he holds an approximate $300 million stake in the electric auto maker at an average price of around $210 per share.

Baron argued months ago Tesla could end up becoming "one of the largest companies" in the whole world. He emphasized the fact that the automaker's ambitions in the battery market could result in the company doing as "much sales in batteries ultimately as they can in cars."

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Baron, a notable long-term investor, certainly isn't looking to cash in his approximate $70 per share profit on Tesla. In fact, he's in it for the very long term.

Speaking as a guest on CNBC, Baron said he thinks the value of his Tesla investment will quadruple by the end of the decade.

Looking beyond 2020, the 74-year-old investor thinks his position in Tesla will increase 30-fold in his lifetime. In other words, Baron thinks Tesla's stock can rise 30 times from his $210 cost, which implies an ultimate price target of $6,300.

Baron's view that Tesla's stock will rise 30 times his investment is a position he advocated for over the past few months.