Jim Cramer has a startling prediction for Tesla and the 'Magnificent Seven'
The Mad Money host sees a rough path for the automaker.
The film the Magnificent Seven didn't end well for the majority of the cowboys involved, and CNBC's Jim Cramer sees a similar future for at least one of the big names in the group of seven stocks that have taken on the moniker.
Related: Elon Musk says AI push requires massive Tesla ownership change
On the Wednesday, Jan. 17 edition of Mad Money, Jim Cramer shared what he thinks would be major themes surrounding the stock market in 2024, which included a stark prediction for a major juggernaut.
During the segment, Cramer suggested that one of the companies named in the "Magnificent Seven," might have a major drop off.
"Who is to say we need all seven? Only three survived the movie," Cramer said on his show.
The host said that to him, "it seems like Tesla would be the first to fall" out of the Seven, noting that "petulant CEO" Elon Musk's desire for more control of the EV automaker was a "bad look" for the company.
"I guess it's not enough to have 13% and be the richest man in the world," Cramer said about the situation.
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Cramer compared Musk to several characters including Henry Luck, the character played by Brad Dexter in the 1960 film The Magnificent Seven, and Dobbs, the character played by Humphrey Bogart in the 1948 film The Treasure of Sierra Madre, calling his demands for more control "pure hubris," and what could lead to Tesla losing its status as a Magnificent Seven stock.
The Mad Money host's comments come after Elon Musk wrote on his social media platform X (formerly known as Twitter) on January 17 that was "uncomfortable" growing Tesla (TSLA) - Get Free Report to be an AI and robotics leader without "~25% voting control," noting that he would prefer to build products outside the company if he didn't have that much of a stake.
I am uncomfortable growing Tesla to be a leader in AI & robotics without having ~25% voting control. Enough to be influential, but not so much that I can’t be overturned.
Unless that is the case, I would prefer to build products outside of Tesla. You don’t seem to understand…— Elon Musk (@elonmusk) January 15, 2024
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