Jim Cramer broke down in tears after a horrible investment decision.
Vice caught the moment on Thursday as tech stocks dropped, namely Mark Zuckerberg's Meta, which covers Facebook, WhatsApp, Instagram, Oculus and more. The drop comes after WhatsApp experienced the longest global outage ever. Then there was a horrific earnings report for the company, which sent the stocks into a freefall.
Cramer apologized to his viewers after looking at the dive on Meta stocks, which he advocated for on Feb. 3, 2022, telling viewers not to "buy the dip" just yet.
"I say Meta-Facebook will be a buy because eventually the sellers do get exhausted," said Cramer at the time. “When you have an emotional market ... the selling will not be like normal selling. It gets angry. It’s chaotic. It’s extra irrational. It won’t necessarily be over in a day."
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Cramer trusted Zuckerberg's claim that he wanted to rebuild the new company to be a tool for good. But his descriptions were like a dystopian world where people can go to concerts or play basketball in a virtual world. That would only come because they can't do these things in real life.
While there was a small uptick in Meta stocks after the comments, shares have continued to fall over the rest of the year.
"Meta bought back $6.5 billion as free cash flow dropped off the face of the earth. I did not see this coming. I trusted this management and that was ill-advised," he tweeted Thursday morning.
When his show aired later that morning, he actually began to cry over the mistake.
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It isn't the first major mistake of Cramer's. In fact, many of his suggestions haven't panned out over the years, earning him criticism. A Twitter account was born earlier this year named "Inverse Cramer ETF" as a result of his poor predictions. The biography says: “Tracking the stock recommendations of Jim Cramer so you can do the opposite.”
The peak for Meta stocks was nearly $400 in 2021 but it has struggled to grow beyond that and instead fell to below $100 on Thursday.
"What did I get wrong?" Cramer said, his voice cracking. "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."
See the moment in the video below or at this link.
\u201c.@jimcramer: I was wrong to trust $META\n\nThe tech giant\u2019s Q3 results disappointed street estimates, sending the stock to its lowest levels since 2016.\u201d— Squawk on the Street (@Squawk on the Street) 1666883564
