CNBC’s Jim Cramer said Tuesday young investors believe Tesla CEO Elon Musk has grand visions for the electric-vehicle maker that make him comparable to late Apple co-founder Steve Jobs. That’s why they’re willing to continue buying Tesla’s stock, helping propel its dizzying run this year, Cramer added.
The remarks followed news of Tesla’s plan to raise up to $5 billion in a share offering for the second time in about three months. While its stock was down about 2% Tuesday, Cramer said Tesla’s capital raise may speak to what youthful investors like about Musk.
“It’s entirely possible that they’re using it for things that we don’t know that he has planned. That’s the greatness of this man,” Cramer said on “Squawk on the