Jim Cramer Torches Elon Musk for Overestimating His Chances of Beating Twitter in Court: ‘Big Tactical Mistake’

CNBC’s Jim Cramer did not mince words over Tesla owner and CEO Elon Musk for overestimating his chances of beating Twitter in court, calling it a “big tactical mistake.”

When asked by anchor Andrew Ross Sorkin whether Musk will “atone” for the legal battle between him and the social media powerhouse, Cramer said that Musk learned a lesson.

“The Chancery [Court of Delaware] is going to hold him to everything and he realizes that he made a big tactical mistake in understanding the Delaware law favored the incumbent,” said Cramer on Thursday’s Squawk Box.

“There’s nothing here to argue about and that’s what happened,” he added. “It wasn’t like he suddenly realized ‘well, holy cow, I really want the asset.’ He was going to have to pay for the asset no matter what.”

On Tuesday, Twitter said it will go ahead and close the $44 billion deal it had with Musk to acquire the social media company.

Musk initially struck the deal in April to buy Twitter at $54.20 a share. Bloomberg first reported on Tuesday that Musk was moving forward with his offer to acquire Twitter at the full price he agreed to.

Musk then tried to back out of the deal, stating that he was not satisfied with Twitter’s handling and accounting of bot accounts. Twitter took him to court, accusing him of breaking the terms of the acquisition agreement, where the case is pending.

The case is still set to go to trial on Oct. 17.

Watch above via CNBC.