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Elon Musk Vs. Jim Cramer: A Story (NASDAQ: TSLA)



Tesla, Inc. (NASDAQ: TSLA) CEO Elon Musk, who has publicly smashed out with the media, government and Wall Street sellers, has a new goal this week: Jim Cramer.

Backstory

Musk's problems started last August he tweeted Tesla had "financing secured" to take Tesla privately at a price of $ 420 per. share. After the Securities and Exchange Commission investigated the claim, the US District Judge Alison Nathan approved a fight against fraud between Musk and the SEC, with both Musk and Tesla paying $ 20 million each in fines, and Musk as Tesla's chairman for three years.

As part of the fight against fraud, Musk agreed to have some material about Tesla approved by Tesla's legal team. After the settlement, Musk continued to shoot at the SEC on Twitter and calls the governor "Shortseller Enrichment Commission." Musk later told "60 minutes" he has "no respect for the SEC."

In February, Musk himself again became hot water to tweet that Tesla would build 500,000 cars in 201

9. He later clarified that announcement by tweeting that Tesla would end 2019 with an annual production rate of 500,000 cars, but would only produce 400,000 cars this year.

The SEC then sent a letter to Nathan asking her to disregard Musk's right to violate the anti-fraud conditions.

"Musk had not sought prior approval for one of the many tweets about Tesla he published in months since the legal prior approval policy came into force," the SEC claims in its complaint. Musk disputes these claims and has argued that the tweets in question do not contain any essential information about Tesla.

Musk Vs. Cramer

Cramer has been one of Musk's many goals right back to Tesla's IPO in 2010. After Cramer criticized Tesla's business plan, Musk responded in an interview on the air.

"Well, Jim, we are no Bear Stearns, but I think we should do it OK. Jim, I think recommended Bear Stearns and Lehman and other things, so honestly I think he's a counter indicator." Musk said Cramer's infamous call states that "Bear Sterns is fine" ahead of the company's bankruptcy in 2008.

Cramer has been extremely vocal about Musk's recent behavior.

Back in February, Cramer said the SEC is not a joke.

"If this guy wants to attack the SEC, how about removing him? He attacked the SEC," CNBC hosted.

On Tuesday, Cramer revived Musk.

"This judge must either get rid of him or say the SEC is wrong. But Musk has been fooled by Judge Nathan," Cramer said on CNBC.

The following day, Cramer said that Judge Nathan has three options for dealing with Musk:

  • Appoint a "special master" to Tesla's board to force Musk to comply with the conditions of his fraud prevention.
  • Remove Musk as CEO of Tesla.
  • Charge Musk with a criminal violation of the settlement and condemn him to jail time.

"If the SEC's allegations are true, then he jumps deep into the face of justice … [and Judge Nathan] can't just let him offend a legal order and get away with it," Cramer said.

Musk Fires Back

On Wednesday ] Musk replied to one of Cramer's Tesla discussions on Twitter, linking to a Wikipedia page describing how Cramer used to manipulate stock prices by selling a hedge fund. In the video, Cramer said everything he did at the time was legal, but illegal activity in the hedge fund industry is too.

Musk added another tweet and said, "Jim can't take the heat."

Cramer responded to Musk via Twitter and said, "You have to make cars, I'm going to show!"

On Friday morning, Cramer added a more detailed answer.

"Boss, we both have a ton to do today. But you got a new lease for the life of the judge. So, your lawyers bag, say you apologize, get someone to handle your twitter account and then go back to that be the big industrialist you are. Have a good one! "Cramer wrote in the tweet.

Critics replied

Muskets critics quickly pointed to the irony in him who called Cramer for market manipulation when the original anti-fraud was related to allegations of alleged market manipulation by Musk.

"Jim Cramer, whatever I thought of him earlier, I thought he did very good points," said Chris Irons, better known as "Quoth the Raven" on his podcast.

"I actually agree with Elon Musk in his assessment of Jim Cramer as a market manipulator … but I think Musk lacks many big points, which is nothing, says market manipulation as faking a buyout offer to a $ 60 billion company. "

Whether they are sitting with Musk in drama or not, the Tesla shareholders have hit it hard in 2019.

Tesla shares are down 19.5 percent year-on-year and were trading at 2.28 percent at $ 267.78 at the time of the release Frid ay.

Related links:

Tilson Vs. Left: Short Sellers Place $ 10,000 Bet on Tesla's Profits

Morgan Stanley Trims Tesla Target for $ 260, says shares will remain volatile

Photo by Steve Jurvetson / Wikimedia.

Latest reviews for TSLA

Date Company Action From To
Mar 2019 Morgan Stanley Maintenance Equilibrium Equilibrium Equilibrium Equilibrium [19659048] Mar 2019 Barclays Entertain Underweight Underweight
Feb 2019 Canaccord Genuity Upgrades Team Buy

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© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.


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