Jim Cramer Gets Emotional After Getting Prediction So Wrong
(RightWing.org) – A few months ago, CNBC financial expert Jim Cramer got excited about Meta, Facebook’s parent company, and advised viewers to buy the company’s stock. Now, he’s admitted that he made a mistake — he trusted Meta’s management to spend responsibly. That’s never a safe assumption when Liberals are in charge of the money.
Meta, which owns popular apps including Facebook and Instagram, has recently expanded into virtual reality and online worlds. CEO Mark Zuckerberg has invested hugely in the new project — at the same time earnings were falling sharply. The company’s latest financial report revealed that profits for the third quarter of 2022 are down by 52%, and revenue has fallen for the second quarter in a row. When it released its report on October 27, Meta shares immediately fell by 24%.
The collapse in share prices was a problem for Cramer, who has regularly recommended Meta stock to investors. When the news broke on Thursday, Cramer became visibly emotional on the “Squawk on the Street” show and gave a heartfelt apology to viewers. He explained, “I made a mistake here. I was wrong. I trusted this management team,” and accused Meta’s bosses of extraordinary hubris.
Jim Cramer apologizes for encouraging people to buy Meta (Facebook) stock: “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.”
— Ken Klippenstein (@kenklippenstein) October 27, 2022
Cramer said he’d believed Meta understood that “you just can’t spend… that there had to be some level of discipline.” Unfortunately, the company’s infamously liberal management didn’t understand that and spent their way right into a deep hole. There’s a lesson in there for other woke businesses — and the same lesson would be useful to the Biden Administration too — if they listen.
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