Television personality Jim Cramer appeared worried on Thursday as share prices for tech giant Meta continued to fall.
During an episode of Squawk on the Street, the CNBC host apologized for repeatedly recommending parent company Facebook’s stock after it fell to its lowest level since 2016.
“I made a mistake here. I was wrong. I trusted this management team. That was ill-advised,” Cramer said. “The bakery here is exceptional, and I apologize.”
Shares of Meta fell roughly 24% Thursday morning after the company reported a third-quarter earnings miss as well as a weak outlook for the fourth quarter.
Cramer’s poor financial advice was also highlighted by the Inverse Cramer ETF Twitter account, which tracks the CNBC host’s stock recommendations “so you can do the opposite.”
“Jim Cramer is ripping off $META,” the account read. “End of Generation in Progress.”
Cramer has long been mocked online for his stock picks. The user behind the Inverse Cramer ETF even told the Daily Dot that their personal portfolio was in the green for rejecting Cramer’s advice.
Despite poor decisions in the past, the Inverse Cramer ETF added that they had never seen the TV host break down before the Meta debacle.
Other users were quick to mock Cramer and his trading history with a barrage of memes.
“Doesn’t brother realize that we always do the opposite of what he says?” asked one user. “You good Jim… keep making your predictions.”
— Firoz 🇮🇳 (@Firoz_LaVi) October 27, 2022
Old clips of Cramer giving bad advice to his viewers were also widely shared, including one in which Cramer told a caller in 2008 not to take their money from Bear Stearns just days before that the company’s shares fall 90%.
Many users also noted that they had never seen Cramer apologize before for offering financially devastating advice.
“JIM CRAMER IN TEARS AND ADMITS HE WAS WRONG ABOUT FACEBOOK $META,” wrote one user on Twitter. “THIS IS THE FIRST TIME I’VE SEEN HIM ADMIT HIS MISTAKE.”
Meta’s troubles come as the company’s CEO Mark Zuckerberg tries to convince the public that the metaverse will be the future of the Internet. Zuckerberg has also been repeatedly mocked for his cartoon avatar on Meta’s VR platform Horizon Worlds.
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* First published: October 27, 2022, 3:33 pm CDT
Michael Thalen
Mikael Thalen is a Seattle-based technology and security reporter covering social media, data breaches, hackers and more.
