Cramer apologizes to CNBC viewers for Meta call

Jim Cramer

“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.'”

Read more here.

Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.