Home » Mad Money’s Jim Cramer Apologizes for Being Wrong About Facebook Parent Meta After Stock Plunges – Featured Bitcoin News

Mad Money’s Jim Cramer Apologizes for Being Wrong About Facebook Parent Meta After Stock Plunges – Featured Bitcoin News

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Mad Money host Jim Cramer has apologized to investors for being wrong after the share price of Facebook’s parent company Meta Platforms plummeted to a record low. “I made a mistake here. I was wrong,” he said emotionally after previously stating that meth was a good investment. And I own it.

Jim Cramer’s apology on meth: ‘I was wrong’

Jim Cramer, the host of CNBC’s Mad Money show, apologized to investors on Thursday for Facebook’s parent company Meta Platforms Inc. (Nasdaq: META)’s stock price continued to plummet after its third-quarter earnings report. Did. Cramer is a former hedge fund manager, where he co-founded Thestreet.com, his website for financial news and literacy.

Cramer appeared emotional on CNBC Market Alert, admitting to making the wrong call about Meta stock and previously telling investors that the social media company was a good investment. He said:

I made a mistake here. I was wrong. I trusted this management team. It was unwise. The arrogance here is extraordinary and I apologize.

When asked what went wrong with his previous advice, Cramer replied: Therefore, I regret it. I have been in this business for 40 years and have done a bad job. I’m not proud ’” he added.

The Mad Money host reiterated that his goal is to “try to help people every day” and said:

I couldn’t help people. And I own it. Was I too close to the company? I never thought a company would be so reckless to use up what it had without any discipline.

Cramer also tweeted on Thursday. I didn’t see this coming. I trusted this management team and it was unwise. “

In another tweet, he detailed: Ford realizes it’s not ready to produce the best of his Driverless, and wants to spend and save money elsewhere. Thrift is a word that Facebook never uses. At some point it will be too late to sell META. But it’s a ferocious monster of spending. “

META shares closed at $97.94 on Thursday, down more than 71% so far this year.

This isn’t the first time Cramer has made the wrong decision about stocks. Earlier this month, Tuttle Capital Management submitted Two Exchange Traded Funds (ETFs) with the Securities and Exchange Commission (SEC) – Inverse Clammer ETF and Long Crammer ETF. In August, Mad Money hosts recommended investors avoid ciphers and other speculative investments.

Meta CEO Mark Zuckerberg’s fortune is also down more than $100 billion from its peak a year ago. The 38-year-old’s current net worth is $38.1 billion, down from his $142 billion peak last September, according to Bloomberg’s Billionaires Index.

The company’s third-quarter revenue fell 4.5% year-on-year, marking the second consecutive quarter of decline, with no sales decline until 2022. The social media platform faces huge costs from its metaverse arm, Reality Labs.

Zuckerberg, however, has doubled down on his focus on the metaverse. “We understand that many people may object to this investment,” said the CEO of Meta, which he said was “fundamentally important for the future.” He added: “I think we work through each of these things in different timeframes. Thank you for your patience. I think those who are patient and invest in us will be rewarded in the end.” ”

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What are your thoughts on Jim Cramer’s apology for endorsing Facebook’s parent meta? Let us know in the comments section below.

Kevin Helms

An Austrian economics student, Kevin has been an evangelist since he discovered Bitcoin in 2011. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

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