Cramer: Other CEOs Could Learn from Tesla's (TSLA) Musk
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It's no secret that Tesla Motors (Nasdaq: TSLA) shares have been ripping recently, busting up shorts which had up to 40 percent of float on loan just last month.
Jim Cramer lauded Tesla CEO Elon Musk on Tuesday, saying the executive did everything a CEO should do when the odds are stacked against him: post strong quarterly results, with earnings even beating the "high man" on the Street, and saying the company was ramping production to meet demand.
But, above all else, Musk did one thing that caught many off guard: he said that due to Tesla's strong financial position, it wouldn't be conducting a secondary offering to raise funds.
With all the good news hitting at once, shorts had nothing left to do but close positions, doing so at any price possible. Tesla is an example of a classic short squeeze.
Cramer didn't offer commentary as to whether or not Tesla will see a 20 percent recoil following nearly 150 percent of recent gains.
The Stock is up 2 percent on the session.
Jim Cramer lauded Tesla CEO Elon Musk on Tuesday, saying the executive did everything a CEO should do when the odds are stacked against him: post strong quarterly results, with earnings even beating the "high man" on the Street, and saying the company was ramping production to meet demand.
But, above all else, Musk did one thing that caught many off guard: he said that due to Tesla's strong financial position, it wouldn't be conducting a secondary offering to raise funds.
With all the good news hitting at once, shorts had nothing left to do but close positions, doing so at any price possible. Tesla is an example of a classic short squeeze.
Cramer didn't offer commentary as to whether or not Tesla will see a 20 percent recoil following nearly 150 percent of recent gains.
The Stock is up 2 percent on the session.
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