Jim Cramer Notes Elon Musk's Significant Purchase of Tesla Stock

Tesla, Inc. (NASDAQ:TSLA) is one of the stocks Jim Cramer weighed in on. Cramer discussed the company CEO’s purchase of $1 billion worth of stock recently, as he stated:

“When we came up with the term FANG, which stood for, at that point, Meta, Amazon, Netflix, and then Alphabet a dozen years ago, all I heard was that the, that I was late and the best days were behind them, a dozen years ago… Something good always seems to be in the works when it comes to Mag Seven. Last Friday, Elon Musk, what’d he do? He bought a billion dollars’ worth of Tesla. I mean, come on. That’s incredible. Right in the open market. I have never seen a commitment like that, but this is the kind of insider buying you can see when your CEO is the richest man in the world.”

Tesla, Inc. (NASDAQ:TSLA) designs and sells electric vehicles along with related services, charging infrastructure, and financing options. In addition, the company develops and provides solar energy and energy storage products for residential, commercial, and industrial customers.

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Disclosure: None. This article is originally published at Insider Monkey.