NEW YORK (TheStreet) --Tesla (TSLA) CEO Elon Musk tweeted last week that if the pending $2.6 billion acquisition of SolarCity (SCTY) goes through, then Tesla would "definitely" absorb the energy service company's debt. It's "extremely unlikely," Musk would pay off the debt himself if he needed to, he tweeted out. SolarCity has $6.34 billion in liabilities, including debt, Reuters reported.
"At the same time, I'm watching a deal closing [between] NetSuite (N) and Oracle (ORCL) where there's a huge chunk of Netsuite owned by [Oracle Executive Chairman and NetSuite's largest shareholder] Larry Ellison and wondering, will it even matter?" TheStreet's Jim Cramer said on CNBC's "Squawk on the Street" this morning.
Isn't the Solarcity and Tesla deal a "done deal regardless"? Cramer added.
Oracle made a $109-per-share bid on NetSuite in July. While investment manager and NetSuite's second largest shareholder T. Rowe Price said the offer wasn't high enough, the deal is moving forward and is expected to close today, Oracle announced on Saturday.
The "fascination" with Musk has reached a "new peak," Cramer said. "I mean the guy is getting to be cultural icon status," he added.
Shares of Tesla were higher in late morning trading on Monday.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings team rates Tesla as a Sell with a ratings score of D+. This is driven by some concerns, which the team believes should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks the team covers.