CNBC’s Jim Cramer stated Tuesday younger buyers imagine Tesla CEO Elon Musk has grand visions for the electric-vehicle maker that make him akin to late Apple co-founder Steve Jobs. That is why they’re prepared to proceed shopping for Tesla’s inventory, serving to propel its dizzying run this yr, Cramer added.

The remarks adopted information of Tesla’s plan to raise up to $5 billion in a share offering for the second time in about three months. Whereas its inventory was down about 2% Tuesday, Cramer stated Tesla’s capital increase might communicate to what youthful buyers like about Musk.

“It is fully potential that they are utilizing it for issues that we do not know that he has deliberate. That is the greatness of this man,” Cramer stated on “Squawk on the Street.” “That is why this youthful technology is prepared to offer him cash. They’re saying, ‘Look. He is Steve Jobs. Who is aware of what he comes up with subsequent. I desire a share of it.'”

Tesla’s choice to boost cash additionally is smart when strictly evaluating the corporate’s recognized endeavors comparable to the factory it’s building in Germany and its electric pickup referred to as the Cybertruck, Cramer stated. “I believe you are going to want each penny to make it so that you’ve the perfect automobiles on this planet,” he stated. “To do the pickup truck … goes to value some huge cash. You are up in opposition to some very severe corporations in terms of pickups, and that is the place the cash is.”

Shares of Tesla have soared to nice heights this yr, rising properly over 600% to a collection of file highs. The corporate additionally earned inclusion into the S&P 500 this fall after posting its fourth straight quarter of earnings in July. Tesla can be added to the benchmark U.S. fairness index before the open Dec. 21.

Cramer, who had been critical of Musk and Tesla, started to show bullish on the corporate late final yr. The “Mad Money” host declared on Dec. 11, 2019, that he was a “true believer.” Since its shut that day, Tesla’s inventory is up nearly 800%.

Cramer additionally has touted Tesla’s work on solar panels, contending the expansion potential of its enterprise in that class is underappreciated. “He is bought this entire factor happening with photo voltaic and with vitality that we do not speak about sufficient,” Cramer stated of Musk on July 23. Musk additionally serves as chief govt of SpaceX.

Whereas some folks have been bewildered by Tesla’s astounding rise, Cramer stated Tuesday that youthful buyers’ religion in Musk ought to be revered. “Who’re we to criticize … their wonderment? Who’re we to criticize their perception on this man?” he stated.