CNBC’s Jim Cramer, often a critic of Tesla stock, told CNBC on Tuesday that he’s in the market for a Tesla Model X sport utility vehicle because his wife, Lisa, really wants one.
“I give up. The car is too damn great,” said Cramer on “Squawk Box.” “She wants an X. You can’t stop her. She loves cars.”
“We were with some people who had two different ones this weekend,” the “Mad Money” host explained. “I have to admit it’s just an unbelievable experience.”
Over the years, Cramer has been outspoken about Tesla CEO Elon Musk‘s missteps, calling Musk a modern day “P.T. Barnum” and criticizing Musk after his ill-fated “funding secured” take-private tweet in August 2018.
Cramer tries to avoid bashing or recommending the stock because of the blow-back from Tesla adherents and Tesla haters on Twitter. Both sides of the Tesla trade inspire visceral reactions, with bulls willing to shell out nearly 60 times forward 12 month earnings for the stock and bears betting against it as one of the most heavily shorted on Wall Street.
On Monday morning, Cramer first talked about riding in a Tesla, and said with a smile, “I’m a bull on Tesla. I have decided my life on Twitter is easier.”
“I don’t want to defend them. OK. I don’t want to defend against them,” he added, throwing his hands in the air. “I’m defeated on Twitter.”
At the time, it was unclear if Cramer was talking about being a “bull” on the stock or the cars — but then in the afternoon, he tweeted at Musk, saying: “Had a fantastic ride in the Model X” and “now my wife insists we buy!”
Cramer, who has had with words with Musk on Twitter in the past, told CNBC on Tuesday morning that he had not gotten a reply from the Tesla CEO yet. But Cramer said that suddenly he’s “man of the year” on Twitter.
“What am I doing to do, continue looking at the balance sheet” of the electric auto maker? Cramer said. “Everybody in my family wants one. I’m done.”
Cramer said he was with a former CFO this weekend who said, “The balance sheet is ‘problematic but the balance sheet is being trumped by the experience’ behind the wheel of the vehicles.”
On Friday, Cramer compared Tesla’s new Cybertruck with to Ford’s failed attempt with the Edsel to create a futuristic car 60 years ago. He came back this week, saying he was surprised that 200,000 people placed a refundable reservation for one, but acknowledged the low-risk because it only cost $100.
Cramer said Monday he had put a $300 reservation in for the cheaper Model 3 sedan when it was coming out a couple years ago, explaining further Tuesday, “I got my Model 3 money back,” adding his wife “gave up after six months” on the Model 3, which had been plagued by production delays out of the gate.