Jim Cramer apologized for telling people to buy Meta stock after the social media company released a dismal report for the third quarter.
The CNBC host appeared to tear up Thursday when admitting he was wrong about the technology giant.
.@jimcramer: I was wrong to trust $META
The tech giant’s Q3 results disappointed street estimates, sending the stock to its lowest levels since 2016. pic.twitter.com/Eg5d8q1XTv
— Squawk on the Street (@SquawkStreet) October 27, 2022
“I made a mistake here. I was wrong. I trusted this management team. That was ill-advised,” Cramer said during an appearance on CNBC’s Squawk on the Street.
In June, Cramer advised people buy the stock after an interview with CEO Mark Zuckerberg, calling him “simply unstoppable” at the time.
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Since Cramer’s interview with Zuckerberg, the stock has dropped nearly $59 from roughly $156.27 to $97.94 a share. The stock dropped nearly $40 since Tuesday, when it was priced at $137.51 per share.
The falling stock price of Meta, Facebook’s parent company, was fueled by a disappointing third quarter that showed the company has declining revenue for the second quarter in a row.
