Elon Musk, the CEO of Tesla Inc., has found a new advocate in Jim Cramer for his use of prescription ketamine. The "Mad Money" host defended Musk after he was being "pilloried" for saying that drug use is in the best interest of investors.
What Happened: Cramer came to Musk's rescue after the tech billionaire admitted to using prescription ketamine to treat "chemical tides" that can result in depression-like symptoms.
"It's actually a shame. Here's a man who admits he has depression, admits that he's taking a drug that has helped millions of people, and for that, he's pilloried?"
Cramer added that he defends Musk as much as he can because "there are many people who would never be brave enough to admit that they take this drug, and yet this drug is a lifesaver."
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Musk thanked Cramer on X and then explained why he decided to share that he uses ketamine.
"The reason I posted about ketamine (at some personal risk) is that I thought it might help people struggling with bouts of depression."
He added that ketamine might offer a more effective solution compared to selective serotonin reuptake inhibitors (SSRIs), which are commonly prescribed antidepressant medications but are sometimes associated with side effects that Musk describes as making individuals feel “zombified.”
Why It Matters: In an interview with former CNN host Don Lemon, Musk defended his ketamine use by saying that in the end, what matters is whether he is building value for investors.
"From an investor standpoint, if there is something I’m taking, I should keep taking it."
Musk's drug use and unpredictable behavior reportedly caused concerns, leading to Linda Johnson Rice, a former director at Tesla, standing down and not seeking reelection to the board.
Rice is also said to have informally asked the board to look into Musk's drug use.
Musk, on the other hand, has openly advocated ketamine and psychedelics in the past, saying they are better than pharma medication.
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