Mad Money host Jim Cramer recently shared his thoughts on a number of stocks that were making notable moves following the election of Donald Trump as the United States’ 47th president, including electric vehicle maker Tesla. As per Cramer, Tesla stock’s (NASDAQ:TSLA) rally could prove quite resilient.
While discussing TSLA, Cramer noted that Donald Trump considers politics a very personal matter. And considering the contributions of Elon Musk to the Trump campaign, it would not be surprising if the CEO’s companies like Tesla are rewarded. This could come in several ways, such as the approval of Full Self-Driving. Cramer also noted that inasmuch as TSLA stock saw a notable rise after the election, he was surprised it was not up more.
“The rally in Tesla, that one has legs. I’m telling you, I can’t believe it wasn’t up much more. For Trump, politics is personal. He’ll reward Elon Musk as much as he can given the constraints of the law. Tesla does need some things. Musk wants full self-driving approval nationwide. You know what, Trump might push for interstate self-driving. Musk wants any break that unionized auto companies have. He can run the table against anyone in the space. This one goes higher,” Cramer noted.
🚨 Jim Cramer on $TSLA:
“The rally in Tesla, that one has legs. I’m telling you, I can’t believe it wasn’t up much more. For Trump, politics is personal. He’ll reward Elon Musk as much as he can given the constraints of the law.
Tesla does need some things. Musk wants full… pic.twitter.com/w4ghKcLqgX
— Herbert Ong (@herbertong) November 13, 2024
The rise in Tesla stock has pushed the electric vehicle maker past a market cap of $1 trillion. The recent rally has been embraced widely by Tesla bulls, many of whom have been holding the stock for a long time. It was also lamented by the company’s bears, which have been hit hard by the recent rise in TSLA stock. Between the U.S. presidential elections and the end of the previous week, for example, TSLA shorts took a $5.2 billion loss.
Overall, Cramer noted that the market has responded positively to the election of Donald Trump. “The market likes Donald J. Trump and it loves a peaceful transition to the next president. We got both and we had a monster-buying celebration. It was a bull jailbreak and the bears never knew what trampled them,” Cramer said.
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