Jim Cramer with a gloomy forecast: Will the NASDAQ stock Tesla be the first to be out of the market? "Magnificent Seven" retire?

On his recent CNBC show Mad Money, Jim Cramer gave his predictions for 2024 and painted an extremely bleak picture for Tesla. Will the electric car pioneer be the first company to leave the “Magnificent Seven” stock group?

• Jim Cramer makes dire predictions for Tesla
• Will the electric car pioneer be the first to fall out of the “Magnificent Seven”?
• Cramer criticizes the “petulant CEO” Elon Musk

Jim Cramer, host of CNBC’s Mad Money, predicts a significant decline for Tesla, as he highlighted in his last show.

“Magnificent Seven” without Tesla?

According to him, Tesla could be the first company to fall out of the list of “Magnificent Seven”: “Who says we need all seven?”. The desire of the “petulant CEO” Elon Musk for more control over the electric car manufacturer did not do Tesla any good, according to Cramer.

Musk had previously posted on could be overthrown. Unless that is the case, I would prefer to build products outside of Tesla. They don’t seem to understand that Tesla is not one startup, but a dozen. Just look at the delta between what “Tesla is doing and what GM is doing. As for stock ownership itself as a motivator, Fidelity and others own shares similar to mine. Why don’t they show up for work?”

“We have a CEO who is becoming more and more irritable… once again talking about how he needs to control 25% in order to innovate,” Cramer commented on Musk’s words on X.

Tesla with challenges

The electric car manufacturer recently had to reduce its prices for some models again in order to increase demand and make its vehicles affordable for more people. However, these price reductions have a negative impact on the business result. Further details can be found in Tesla’s fourth quarter figures, which will take place on January 24th.

The Tesla share listed on the NASDAQ has lost around 15.97 percent of its value so far this year, most recently at $208.80 (as of closing price on January 22, 2024).

Editorial team finanzen.net

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