A CNBCStock Market analyst made a tearful admission of fault in a Thursday âSquawk on the Streetâ segment, taking responsibility for his own poor advice to purchase Meta stock.
Jim Cramer grew emotional as he admitted that he was previously âwrongâ about the stockâs prospects.
The company formerly known as Facebook saw its stock price nosedive by nearly 25 percent on Thursday, according to CBS News.
âI made a mistake here. I was wrong,â Cramer frankly admitted.
âI trusted this management team. That was ill-advised. ⊠And I apologize.â
âIâve been in this business for 40 years and I did a bad job,â Cramer added. âI am not proud.â
Cramer recommended that stock buyers purchase Meta stock in June.
At the time, Cramer defended CEO Mark Zuckerbergâs plans to invest heavily in what he calls the âMetaverse,â a project intended to create a new generation of social communities in a virtual world.
The project has been intensely criticized, with one Microsoft executive likening the Metaverse to a poorly made Video game.
Meta stock was down from $156.27 when Cramer touted it in June to $99.20 when he made his contrite admission of error.
Cramer identified excessive spending as a fatal flaw in Metaâs business plan.
âI did not think the company would be as ill-advised as to spend through what they had without any discipline whatsoever,â the host said.
Investors have criticized Cramer, the host of CNBCâs âMad Money,â for faulty predictions before.
Some of his critics have even gone so far as to propose an âInverse Cramerâ exchange-traded fund, in which stock buyers would invest in the opposite of Cramerâs stock picks, according to Nasdaq.
This article appeared originally on The Western Journal.