Cramer on Elon Musk's SEC tweet: This type of 'erratic behavior' won't take Tesla to $1 trillion
11:30, Saturday, 06 October, 2018
CNBC's Jim Cramer sees Elon Musk's tweet poking fun at the Securities and Exchange Commission as erratic and deeply concerning, and he warns that this brand of continued obstinance could put Tesla on a bleak path.
"This is erratic behavior that rarely has been seen in the C-suite," Cramer said Friday on "Squawk on the Street." This kind of behavior "will not take this stock to $1 trillion," he added.
Tesla shares slid 5 percent Friday morning a day after Musk mocked the SEC in late afternoon tweet, calling the agency the "Shortseller Enrichment Commission."
Short sellers are traders who bet that a stock will go lower. Tesla is one of the most shorted stocks on Wall Street.
Musk's tweet came days after the CEO settled SEC fraud charges and just hours after the federal judge charged with approving the settlement asked both sides to justify it.
Over the weekend, Musk reached an agreement with the SEC to settle charges stemming from the now-infamous Aug. 7 tweet about having "funding secured" to take the company private.