Tesla CEO Calls Jim Cramer A Contra-Indicator On CNBC

Silicon Valley electric car maker Tesla Motors

started trading on the Nasdaq exchange today. The IPO was priced above the initial range of $14-$16 and was also expanded by 20%, indicating strong demand. The company sold 13.3 million shares at $17 apiece, raising $226.1 million. Investors who got in at the deal price are sitting on nice gains already, as TSLA has climbed 15.76% today to $19.68. CNBC's Phil LeBeau interviewed Tesla's founder and CEO Elon Musk outside of the Nasdaq exchange in New York today. After discussing the the initial success of the IPO, LeBeau said that many analysts are skeptical about Tesla's future. He noted, "Our own Jim Cramer yesterday said 'I am not sure that Tesla has a business plan that is going to work. It's not a smart investment.'" He then asked Musk to respond to the skeptics on his company. Musk said, "To Jim, I would say, yeah sure we are not Bear Stearns. But I think we are going to do OK. Jim I think recommended Bear Stearns and Lehman and other things, so frankly he is a contra-indicator." Be sure to check out the full clip

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