With Tesla (TSLA) being impacted by the crypto selloff, what does Jim Cramer think of the stock?
He hit on it in his Real Money column on Wednesday morning.
"How much of the decline in the market has to do with the plummeting of all sorts of alternative currencies or assets or cult stocks or whatever? When you see Bitcoin or Ethereum or the stock of Tesla (TSLA) rolling over does it impact the entire stock market?" Cramer wrote in his Real Money column. "I would like to think that when tens of billions of dollars of an asset like Bitcoin gets obliterated there's a cause and effect between the S&P 500 and the losses sustained."
"As for Tesla, AMC (AMC) and GameStop (GME) ? Here's my take? Tesla's too big to keep in the air but AMC and GameStop aren't. It doesn't matter what Adam Aron, the CEO of AMC, does, the bulls suffered through the gigantic stock offering and came out the other side, regardless of the box office receipts, or lack thereof. The Take-Two (TTWO) numbers were fabulous last night, augmented by the wind down of sales to brick and mortar, think GameStop, but that doesn't matter either because the bulls in GameStop want it to go up and are willing it to go up with stimulus checks. They will go down without another stimulus bill. Maybe they should be called Biden stocks," he continued.
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