"We're now seeing price targets that are above" $420 per share, the "Mad Money" host said, referring to the stock price quoted in Musk's take-private tweet. "Maybe, they're being vindicated," he added on "Squawk on the Street."
On Aug. 6, the day before the tweet, Tesla shares closed at nearly $342, a far cry from $420.
Tesla shares Thursday were more than 1 percent higher, around $370 a share, after Baird analyst Ben Kallo reiterated his outperform rating on the stock and hiked his price target to $465 from $411. Kallo said shares of electric car maker could jump sharply in the next year as the company starts making money more consistently.
Tesla garnered lots of negative attention, including from Cramer, after the Aug. 7 tweet stunned the financial community and Washington regulators. Musk abandoned the take-private idea on Aug. 24.
Following a bizarre Aug. 16 interview with The New York Times, Musk's actions were under scrutiny again three weeks later after he appeared to smoke marijuana and drink whiskey during comedian Joe Rogan's podcast.
At the end of September, the Securities and Exchange Commission settled with Musk over charges stemming from his tweet. As part of the deal, Musk agreed to step down from his chairman role for three years.
At the time, Cramer said Musk's "stunts" were ill-advised, and recommend the board take Musk on medical leave.