Jim Cramer is very sorry about his Meta prediction tanking stock portfolios —extremely sorry.
During a recent CNBC appearance, the Mad Money host was in tears describing how sorry he was that his prediction that Facbook parent company Meta would be a good bet; in June he said Meta has “nowhere else to go but up.”
“I made a mistake here. I was wrong. I trusted this management team. That was ill-advised,” Cramer said on CNBC. “The hubris here is extraordinary, and I apologize.”
Facebook parent company Meta has lost $677 Billion dollars this year, knocking it out of the world’s Top 20 stocks; Meta was the sixth biggest US company by market capitalization at the start of the year.
Watch the clip above.
From Fortune:
Morgan Stanley downgraded Meta’s shares for the first time on Thursday, as did Cowen and KeyBanc Capital Markets. Morgan Stanley analysts said they expect the company’s free cash flow to slump by 60% in 2023 and slashed their price target by nearly half.
As the owner of Facebook and Instagram, Meta remains a juggernaut in social media. But under the direction of CEO Mark Zuckerberg, the company is investing enormous amounts of time, energy, and money into the metaverse, a virtual reality universe that it’s warned could take years to pay off, assuming it ever does.
“There’s still a long road ahead to build the next computing platform, but we are clearly doing leading work here,” Zuckerberg said on the earnings call. “This is a massive undertaking, and it’s often going to take a few versions of each product before they become mainstream.”
Jim Cramer suggested earlier this year that shares in Facebook parent Meta would go up.
Today, he said he’s sorry. https://t.co/NNrWT6Mv0F
— FORTUNE (@FortuneMagazine) October 28, 2022
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