While Cramer admires Musk's confidence, he sympathized with those who try to make mathematical sense of his ultra-positive musings.

"If you're an analyst, I think the only way to handle an Elon Musk conference call is to take some mind altering drugs so you can really tune in and turn on the whole psychedelic story," the " Mad Money " host said of Tesla's CEO.

After Tesla's stock sank over $15 on Thursday following its earnings report, Jim Cramer looked into the company to try and understand its high-flown forecasts.

For example, when Barclays' Brian Johnson asked on the post-earnings conference call if Musk saw a way for the stock to reach $700 billion in market capitalization, the CEO responded:

"Well, now, I am going to want to preface this by of course saying I could be completely delusional, but I think I can see a clear path to that outcome."

"Normally, 'I could be totally delusional' is not a phrase you want to hear from a CEO, but Musk has enough confidence to pull it off," Cramer said.

Or take Baird analyst Tyler Frank, who asked the CEO if he thought it was still achievable to produce 1 million cars by 2020.

Musk responded, "Yeah, I do. I think we need to come out with the Model Y sometime in 2020 or aspirationally late 2019. And then I think a million units is quite likely, combined, yeah, maybe more."

Cramer wondered why Musk stopped at "maybe more," and not "definitely," if he was speaking aspirationally.

Finally, the CEO received a question from Deutsche Bank analyst Rod Lache about his plans on China if the government changed foreign investment regulations.

"I don't think this is quite the right timing to make any announcement on that front, but I would expect us to define our plans more clearly by end of year specific to China production," Musk responded.

"So, just in case you thought there was an inventory problem, just in case you thought there was a demand problem, just in case you thought he was off course in market cap, just when you thought that he was maybe hyping for production, the one thing you do know is you can't short this stock now, because by year-end, you have to figure Musk could be saying that he's going to make a million cars in China by 2020 — at least aspirationally — and you'll be hit by one of the biggest short-squeezes in history," Cramer said.

All in all, while Cramer is not one for the risk that follows a stock like Tesla or a CEO like Musk, he cannot help but be intrigued by its trajectory.

"My take? Tesla makes for great theater, and while I think it's too risky to bet on this one, Musk's grandiosity makes it equally risky to bet against it," the "Mad Money" host said.

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