

Investor's Corner
Tesla’s Bitcoin reversal confuses Jim Cramer, but he’s not giving up on Elon Musk
Tesla’s reversed outlook on accepting Bitcoin has made plenty of people scratch their heads, including Jim Cramer, a Tesla investor and Elon Musk supporter. On a live stream of his Stock Market Breakdown with Katherine Ross, Cramer says that Tesla’s and Musk’s reasoning for not accepting Bitcoin any longer doesn’t make sense. However, Cramer’s confusion isn’t causing him to give up on Tesla or Musk quite yet. “He does a lot of things that I can’t fathom that turn out to be brilliant.”
On Wednesday, Musk Tweeted a statement indicating that Tesla would no longer be accepting Bitcoin as a payment method for its products. Citing environmental concerns, Musk and Tesla remained supportive of Bitcoin and Cryptocurrencies in general. However, according to the statement, mining rigs are powered by fossil fuels, especially coal, and Tesla would be willing to accept another Cryptocurrency that uses less than 1% of Bitcoin’s energy per transaction.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
The statement confused many people, including those who hold prevalent positions in the world of investing. One of the confused parties was Barstool founder Dave Portnoy. Portnoy and Musk have had a favorable relationship in the past. Musk even donated to Barstool’s Small Business Fund in January that accumulated $20 million to help small-time companies in America. Portnoy was critical of Tesla’s decision and pledged not to “flip-flop” over Bitcoin. “You will have to rip my bitcoin from my cold dead hands,” Portnoy added.
Unlike @elonmusk I am not flip flopping every other second about #bitcoin. You will have to rip my bitcoin from my cold dead hands
— Dave Portnoy (@stoolpresidente) May 12, 2021
Cramer’s Criticism
Cramer was critical of Musk’s decision and is curious as to what the reasoning is behind the decision. While Musk detailed the environmental concerns, Cramer doesn’t seem to believe that it is the only reason for the decision. “I don’t know why the hell he said it,” Cramer questioned during the show. “I don’t know whether there was another objection besides the environmental, because the environmental doesn’t hold water. It’s been this way the whole time. But he chose to do this, and I don’t get it. But, he does a lot of things that I can’t fathom that turn out to be brilliant.”
It is absolutely possible that Tesla’s decision to accept Bitcoin, an announcement made in March, could have been based on its recent $1.5 billion investment into the Crypto in December 2020. Non-sustainable sources generally power mining rigs, but it does come down to what individual miners choose to utilize as their power source. Cryptos can be mined using clean and environmentally friendly energy. As solar power and other forms of clean energy generation become more popular, the amount of energy used from fossil fuels per transaction will decrease.
Cramer, who was not an Elon Musk supporter several years ago, flipped his stance on Tesla after his daughter convinced him to buy a vehicle after driving one. Since then, Cramer has been vocally supportive of Tesla, Musk, and the stock, holding high hopes and expectations for the company in the coming years.
Musk’s change of heart regarding Bitcoin could have been a simple reversal on the decision. While we do not know whether other factors were involved, Tesla’s ultimate goal is to transition the world to sustainable energy in an accelerated manner, and Bitcoin mining could have gone against what the company stands for. There is no indication that Tesla will scrap Bitcoin altogether, but mining efforts need to become more sustainable in the coming years for Tesla to reconsider accepting the Cryptocurrency.
Cramer’s comments regarding Tesla and Bitcoin can be seen in the video below.
Disclosure: Joey Klender is a Tesla stockholder but does not own any Bitcoin and has no intention of initiating any positions within the next 72 hours.
What do you think about Tesla’s decision? What do you think about Cramer’s comments? Let us know in the comments or reach out to me directly at joey@teslarati.com.
Investor's Corner
X clarifies xAI prediction market rumors, hints at future plans
Musk’s AI firm denied rumors of a Kalshi deal but left the door open. Prediction markets + AI could change how we forecast everything.

X dismissed rumors of xAI entering prediction market partnerships. In a recent X post, Elon Musk’s company clarified that xAI had not yet entered formal partnerships in the prediction market.
However, xAI clarification hinted at future exploration in the prediction market, aligning with X’s goal to become an “everything app.” The speculation underscores AI’s potential to reshape predictive analytics.
“Recent speculation about xAI’s involvement in the prediction market space has been circulating. While we’re enthusiastic about the potential of this industry and engaged in various discussions, no formal partnerships have been confirmed to date. Stay tuned!” noted the X team.
X’s statement followed a Tuesday post by Kalshi, hinting at a collaboration with xAI, which was deleted hours later. Kalshi suggested that xAI could leverage AI to analyze X’s news and social media data, enhancing betting decisions on political and economic events.
Bloomberg reported Kalshi aims to use xAI for tailored insights, enabling users to wager on outcomes like Federal Reserve rate changes or elections through derivative contracts.
“There’s deep alignment between prediction markets, social media, and AI. Prediction markets capture what people know — AI scales what people can know,” said Kalshi CEO Tarek Mansour. “This is just the beginning of a long collaboration to unlock the full potential of prediction markets.”
The prediction market industry fits X’s vision to evolve into a comprehensive platform, capitalizing on its trend and news leader role. While xAI’s denial quashes immediate partnership claims, its openness to discussions signals potential interest in prediction markets, where AI could amplify real-time insights.
xAI’s cautious stance reflects its focus on strategic AI development while navigating speculative buzz. As X pursues its “everything app” ambition, prediction markets could enhance its ecosystem, blending social media’s pulse with AI-driven analytics. With no partnerships confirmed, xAI’s future moves may yet redefine how users engage with event-based predictions, positioning it at the forefront of AI innovation.
Investor's Corner
Tesla welcomes Chipotle President Jack Hartung to its Board of Directors
Tesla announced the addition of its new director in a post on social media platform X.

Tesla has welcomed Chipotle president Jack Hartung to its Board of Directors. Hartung will officially start his tenure at the electric vehicle maker on June 1, 2025.
Tesla announced the addition of its new director in a post on social media platform X.
Jack Hartung’s Role
With Hartung’s addition, the Tesla Board will now have nine members. It’s been a while since the company added a new director. Prior to Hartung, the last addition to the Tesla Board was Airbnb co-founder Joe Gebbia back in 2022. As noted in a Reuters report, Hartung will serve on the Tesla Board’s audit committee. He will also retire from his position as president and chief strategy officer at Chipotle, and transition into a senior advisor’s role at the restaurant chain, next month.
Hartung has had a long career in the Mexican grill, joining Chipotle in 2002. He held several positions in the company, most recently serving as Chipotle’s President and Chief Strategy Officer. Tesla highlighted Hartung’s accomplishments in a post on its official account on X.
“Over the past 20+ years under Jack’s financial leadership, Chipotle has seen significant growth with over 3,700 restaurants today across the United States, Canada, the United Kingdom, France, Germany, Kuwait and the United Arab Emirates. Jack was named ‘CFO of the Year’ by Orange County Business Journal and Best CFO in the restaurant category by Institutional Investor,” Tesla wrote in its post on X.
Tesla Board and Musk
Tesla is a controversial company with a controversial CEO, so it is no surprise that the Board of Directors tend to get flak as well. Two weeks ago, for example, Tesla Board Chair Robyn Denholm slammed The Wall Street Journal for publishing an article alleging that company directors had considered a search for a potential successor to Elon Musk. Denholm herself has also been criticized for offloading her TSLA shares.
More recently, news emerged suggesting that the Tesla Board of Directors had formed a special committee aimed at exploring a new pay package for CEO Elon Musk. The committee is reportedly comprised of Tesla board Chair Robyn Denholm and independent director Kathleen Wilson-Thompson, and they would be exploring alternative compensation methods for Musk’s contributions to the company.
Investor's Corner
Rivian stock rises as analysts boost price targets post Q1 earnings
Rivian impressed with smaller-than-expected losses & strong revenue, pushing analysts to raise price targets.

Rivian stock is gaining traction as Wall Street analysts raise price targets following the electric vehicle (EV) maker’s first-quarter earnings report. Despite a dip after the announcement, optimism surrounds Rivian’s cost control and upcoming lower-priced cars.
Last week, Rivian reported a better-than-expected Q1 gross profit, surpassing Wall Street’s forecasts with adjusted losses of $0.48 per share against expectations of $0.92 per share. The company also reported a revenue of $1.24 billion compared to the $1.01 billion anticipated.
However, the EV automaker cut its 2025 delivery forecast and capital spending due to President Donald Trump’s tariffs. It explained that it is “not immune to the impacts of the global trade and economic environment.” RIVN stock dropped nearly 6% post-earnings, closing at $12.72 per share.
Wall Street remains upbeat about Rivian, citing progress toward launching lower-priced vehicles in 2026 and effective cost management. On Monday, Stifel analyst Stephen Gengaro raised his RIVN price target to $18 from $16, maintaining a “Buy” rating. He highlighted Rivian’s “solid progress” toward key milestones.
Conversely, Bernstein’s Daniel Roeska gave RIVN a “Sell” rating. However, Roeska also lifted his Rivian price target to $7.05 from $6.10, acknowledging “better” Q1 results. He warned that profitability remains distant and hinges on multiple product launches by the decade’s end.
Overall, Wall Street’s average price target for RIVN climbed from $14.18 to $14.31, a modest 13-cent increase reflecting positive sentiment. About one-third of analysts covering Rivian rate it a Buy, compared to the S&P 500’s average Buy-rating ratio of 55%.
On Monday, Rivian stock rose 2.7% to $14.64, slightly trailing the S&P 500 and Dow Jones Industrial Average, which gained 3.3% and 2.8%, respectively. The uptick may also stem from broader market gains tied to news of a temporary U.S.-China tariff suspension.
As Rivian navigates trade challenges and scales production at its Illinois factory, its Q1 performance and analyst support signal resilience. With lower-priced EVs on the horizon, Rivian’s strategic moves could bolster its position in the competitive EV market, offering investors cautious optimism for long-term growth.
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