“Mad Money” host Jim Cramer apologized to CNBC’s viewers after he recommended this summer that they buy Facebook parent Meta’s stock, which fell 25 percent after its latest earnings this week, reports Ariel Zilber of The New York Post.
Zilber reports, “Cramer said that putting his faith in the current management team at Meta was ‘ill-advised.’ He added that he was surprised that the company didn’t exercise more ‘discipline’ in its spending.
“Cramer said he was particularly taken aback that Meta burned through its cash reserves in order to invest in the metaverse.
“‘I had thought there’d be an understanding that you just can’t spend and spend right through your free cash flow, that there had to be some level of discipline,’ Cramer said.
“When host David Faber asked Cramer what he got wrong, Cramer replied: ‘What did I get wrong?’ he said, visibly choking up.
“‘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.'”
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