People Who Disagree with Elon Musk Reopening Short Tesla: Jim Cramer
Surprise. Elon Musk isn’t backing down in his fight with Alameda County health officials in California.
Tesla’s (TSLA) - Get Report always-vocal CEO tweeted late Monday that Tesla’s Fremont production facility would resume production immediately despite restrictions that Alameda has yet to lift. Musk went on to tweet that he will be on the line and is willing to be arrested if necessary.
Musk insinuated that Tesla may being targeted by the county, saying the company has followed all the proper practices to ensure its workers can return safely and has coordinated with California government officials.
Tesla’s reopening plan, which is modeled after its plan to reopen its Shanghai Gigafactory, includes online safety training for all employees, in-house physicians, personal protection equipment and disinfection protocols. “Tesla is not an outlier, nor are we going against the grain. From the State’s very first shelter-in-place order, national critical infrastructure, including vehicle manufacturing like Tesla’s Fremont factory, was considered vital and given permission to continue operating,” Tesla said in a press release.
In an earlier press conference Monday, California Governor Gavin Newsom said Tesla operations could resume “as early as next week.” Though he affirmed Alameda county’s authority to modify reopening guidelines.
Tesla’s Fremont factory, which employs around 10,000 people, has been operating at a minimal capacity since mid-March when Bay area counties instituted a stay-at-home order to combat the spread of the coronavirus pandemic.
As the situation in the Golden State continues to develop, how should investors approach the stock and its famed CEO?
Jim Cramer said the vast majority of those who disagree with Musk reopening "don't give a damn" about the workers and simply are short the stock.
Catch his full take on Elon Musk in the video above.