NEW YORK ( TheStreet) -- TheStreet's Debra Borchardt and Jim Cramer met to discuss the frantic buying frenzy that has occurred in Telsa Motors ( TSLA).
Borchardt joked that Tesla was "firing on all cylinders." But it's true. The stock has run from the mid-$50 range to over $90 in a matter of days following its first-quarter earnings report on May 8. "Customers love it, Consumer Reports loves it," Cramer noted, "I want to buy one," referring to the Model S. Cramer added that there was a high short interest in the stock before earnings and that short-sellers are having trouble finding stock to short. Many traders thought the stock offering would push the price lower, giving short-sellers an opportunity to cover or find more shares to short. However, Elon Musk, the CEO, came out and bought $100 million worth of the stock. Putting his money where his mouth is, Musk created an additional rally for shareholders, leaving bears scratching their head. When asked if the stock was going to $100, Cramer simply noted, "don't short cult stocks," referring to names like Amazon ( AMZN), among other high-growth stocks. "No one has an edge in this short," he concluded. To sign up for Jim Cramer's free Booyah! newsletter, with all of his latest articles and videos, please click here.--Written by Bret Kenwell in New York.