One of the most outspoken Tesla Inc bulls and investors laid out a price target for shares of the electric vehicle leader at the start of November.

Here’s what went into the price target and how much the stock could be worth in eight years if his goal is reached.

What Happened: An investor in Tesla since 2014, Ron Baron has been one of the most outspoken Tesla bulls and believes shares will continue to appreciate in the years to come. Baron issued a price target that could share similarities to a famous bull case from Ark Invest CEO Cathie Wood.

Baron said he believes Tesla can hit $500 to $600 per share by the year 2025 and the company could be worth $4.5 trillion in the next eight to 10 years.