Elon Musk Joins Crypto Twitter to Dunk on CNBC’s Jim Cramer

For the uninitiated, the self-proclaimed investment expert has built a reputation for making horrendously wrong calls on his show and Twitter.

Billionaire Elon Musk has swiped at CNBC Mad Money host Jim Cramer.

The Twitter boss did this in a tweet today in response to a likely sarcastic comment from Dogecoin co-creator Billy Markus. Markus, in a tweet, joked that the CNBC analyst is good at his job, to which Musk referencing the “Star Wars” franchise, responded:

“The Force is strong with inverse Cramer.” 

The Force is strong with inverse Cramer

— Elon Musk (@elonmusk) March 16, 2023

Unsurprisingly, the tweet has sparked a flurry of responses from crypto community members who joined in on the jibes. For the uninitiated, the self-proclaimed investment expert has built a reputation for making horrendously wrong calls on his show and Twitter.

Notably, the Mad Money host has grabbed headlines again in recent weeks, as is usually the case, not for reasons he would probably prefer, as his calls on banks and the performance of Tuttle Capital’s Inverse Cramer Exchange Traded Fund (ETF) with the ticker SJIM have come to the fore.

Recall that, as highlighted in a report last week, a month ago, the CNBC host had encouraged viewers to invest in the now-failed Silicon Valley Bank. Ripple Chief Technology Officer David Schwartz described it as “possibly the worst possible investment.” In addition, last Friday, amid the bank crisis, Cramer tapped Federal Republic Bank as a “very good bank.” Just days later, it was revealed that the bank was in troubled waters, with its stock price tanking over 70%, requiring a $30 billion rescue from the country’s biggest banks yesterday. 

It does not help that recent reports indicate that SJIM outperformed the stock market by as much as 5% in its first week of launch. The prospectus explains that it works by shorting stocks the analyst recommends on Mad Money and Twitter. These positions are typically held for five trading days but can be longer if the pundit continues championing buys.

Yes, it's only been a mere 8 days but $SJIM is already beating S&P 500 by 5 percentage points (and w less vol), not bad for short span, annual eq of 70% vs -65% (and these returns are despite not catching his legendary $SVB call) pic.twitter.com/zRmFFdqHsl

— Eric Balchunas (@EricBalchunas) March 13, 2023

The analyst has recently expressed a bullish stance on the NASDAQ, implying that shorting the latest rally was a shortcut to getting wrecked in the markets. The analyst’s view is likely informed by recently expressed confidence that the Fed would no longer opt for a 50 basis points rate hike next week in light of recent bank collapses. While most spectators also held these views, following Cramer’s commentary, some have been given pause for thought, as evidenced in comments to his tweet.

Can’t believe it’s all going to 0

— Satvik Sethi (@sxtvik) March 16, 2023