This 83-Year-Old Investor Is Elon Musk’s Biggest Fanboy

Ron Baron’s flagship fund is under pressure after a weak start to 2026, with one fund down more than 10% and asset redemptions shrinking fund size. Baron has concentrated positions in Elon Musk’s companies—SpaceX made up roughly 30% and Tesla about 19% of his largest fund—exposing his firm to idiosyncratic upside and downside. A highly anticipated SpaceX IPO next month is presented as a potential catalyst that could materially boost Baron Capital’s performance if shares surge, but current heavy concentration and recent outflows leave the firm vulnerable if the debut disappoints.