The host of Mad Money, Jim Cramer, has apologized to investors for being wrong about Facebook parent Meta Platforms after its stock plunged to a record low. “I made a mistake here. I was wrong,” he said emotionally after stating previously that Meta was a good investment. “I failed to help people. And I own that.”
Jim Cramer’s Apology About Meta: ‘I Was Wrong’
The host of CNBC’s Mad Money show, Jim Cramer, apologized to investors Thursday for recommending Facebook parent Meta Platforms Inc. (Nasdaq: META) after the stock kept tanking following the company’s Q3 earnings release. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website.
Appearing emotional on CNBC Market Alert, Cramer admitted that he made a wrong call about the Meta stock, telling investors previously that the social media company was a good investment. He said:
I made a mistake here. I was wrong. I trusted this management team. That was ill-advised. The hubris here is extraordinary, and I apologize.
When asked what he got wrong about his previous advice, Cramer replied: “I believed that there was a recognition that there is an amount that you can’t spend … I trusted them, not myself. For that I regret. I’ve been in this business for 40 years and I did a bad job. I’m not proud.” He added: “I did believe that there would be some discipline … I expected discipline.”
The Mad Money host reiterated that his goal is to “try to help people every day,” noting:
I failed to help people. And I own that. Was I too close to the company? I did not think the company would be as ill-advised as to spend through what they had without any discipline whatsoever.
Cramer also tweeted Thursday: “Meta bought back $6.5 billion as free cash flow dropped off the face of the earth. I did not see this coming. I trusted this management and that was ill-advised.”
He detailed in another tweet: “It is Ford v. Facebook. Ford recognizes that it isn’t ready to produce the best Driverless and wants to spend the money elsewhere and be frugal. Frugality is a word never spoken at Facebook. At a point it is too late to sell META. But it is a seething monster of spending.”
META shares closed at $97.94 Thursday, having dropped over 71% so far this year.
This wouldn’t be the first time Cramer has made a wrong call about a stock. Earlier this month, Tuttle Capital Management filed for two exchange-traded funds (ETFs) with…
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