I’ve never gotten as much feedback — Cramer says about booting Tesla from Mag7
CNBC’s Jim Cramer said he’s never received more executive feedback on a “Mad Money” segment than he has for his Thursday night commentary in which he booted Tesla from the “Magnificent Seven” after the electric vehicle maker’s disappointing earnings report and 2024 outlook. “I’ve been doing a show for 19 years. … This was the most feedback I’ve ever had from a piece from CEOs,” Cramer said Friday on “Squawk on the Street,” the morning financial markets show he co-hosts on CNBC. He’s been the lone host of “Mad Money,” an evening program, since 2005. In the “Mad Money” segment Thursday, Cramer said Tesla’s projection on vehicle delivery growth this year — with CEO Elon Musk saying it “may be notably lower” than 2023 levels — indicates the company will not have the expansion rate necessary to remain a “Magnificent Seven” stock alongside Apple, Nvidia, Microsoft, Amazon, Meta and Alphabet. The colloquial moniker for the group of technology stocks came into being on Wall Street last year amid their strong outperformance compared with the broader market. If you like this story, sign up for Jim Cramer’s Top 10 Morning Thoughts on the Market email newsletter for free . Cramer also called Musk’s leadership into question, specifically over the billionaire CEO suggesting he wants more voting control at Tesla — possibly through the creation of a dual-class stock structure — before he feels comfortable expanding the company’s pursuits around artificial intelligence and robotics. Cramer said Friday that CEOs have expressed gratitude toward him for challenging Musk. He summarized the feedback as, “Thank you for dealing with this arrogant man who has made all of us feel like that we’re nothing, Lilliputians when in reality we have decorum and he has and he has not one shred of decorum,” Cramer said. Shares of Tesla tumbled 12% Thursday, their worst day in more than a year, as Wall Street digested the results and earnings-call commentary. The stock was up about 0.75% Friday, to roughly $184 per share, outperforming the S & P 500. Here’s a full list of the stocks in Jim’s Charitable Trus t, the portfolio used by the CNBC Investing Club.
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