Billionaire Ron Baron invested $100 million in SpaceX recently and thinks his Tesla holdings will return 3-5 times in the next 10 years

Ron Baron, a billionaire portfolio manager, recently added $100 million to his investment in the space company.

The founder and chief executive of investment management firm Baron Capital told CNBC on Thursday that he invested about $100 million in Figs.

His biggest moves recently have been his investments in SpaceX and Figs. Baron has been involved in previous rounds of funding. The joint venture with T-Mobile was announced on the social networking site.

Baron stated Thursday that he has bought shares of Hyatt, Red Rock, and other travel companies.

He estimated that he has made about $6 billion-$7 billion on shares of the EV maker from his initial investment. He said that he expects his fund to make three to five times its money on the electric car maker.

In the next 10 years, I think thatTesla will be the largest company in the world, and in the 10 years after that, I think it will be challenged by SpaceX," he said.