Count on die-hard Tesla fans to continue to support Elon Musk even after he was sued by the Securities and Exchange Commission for alleged fraud, CNBC's Jim Cramer said Friday.

"They won't lose any faith," Cramer said on "Squawk Box." "As long as he's there, and not in jail, they will not lose faith."

However, Cramer added it will be difficult for Tesla to raise capital if "one of the risk factors is the CEO might be in jail."

Shares of Tesla sank 12 percent Friday, a day after the SEC filed the lawsuit.

Musk is being accused of making false and misleading statements in an Aug. 7 tweet about potentially taking Tesla private with "funding secured." The take-private idea was abandoned on Aug. 24.

Tesla and the SEC were close to a no-guilt settlement, but Musk pulled out of the agreement at the last minute, CNBC's Andrew Ross Sorkin reported Friday, citing sources.