Shares of Facebook’s parent company Meta have fallen since CNBC anchor Jim Cramer emotionally apologized to viewers on Oct. 27 for touting tech giant Meta’s stock as a buying opportunity. has nearly doubled in value.
Meta shares closed at $188.77 on Thursday — compared to a closing price of $99. On the 74th, Cramer’s sombre segment aired on “Squawk on The Street.”
Shares surged 23% on Thursday after Meta posted fourth-quarter sales growth and CEO Mark Zuckerberg reiterated promises to curb spending.
Cramer’s meltdown last October came after Meta plunged 25% in a single session to its lowest level in six years. This comes after the company’s stunning quarterly earnings report, which said profits fell by more than 50%.
The plunge, touting Zuckerberg as “unstoppable,” stifled Kramer, who rated him buying meth a few months before June, and apologized to CNBC viewers.
“We made a mistake here. Told.
He had to stop several times to calm himself down.
The company’s 2023 rise sparked a gleeful response among Cramer’s critics, including the @CramerTracker Twitter account.
The account shared a chart on Wednesday afternoon showing Meta’s stock price surge since the day “Jim gave up on Meta”. At the time of @CramerTracker’s tweet, Meta was up 85%.
The Post reached out to CNBC for comment.
Cramer seems to have changed his tune again after Meta reported earnings on Wednesday.
“I love that the meta admin used the term ‘efficiency’ or ‘efficient’ 16 times. Really good news for our shareholders,” Cramer tweeted.
“Also a refreshing degree of humility and humility in the metacall,” Kramer added. “i like that.”
Meta’s resurgence follows a dismal 2022, when the tech giant’s stock plummeted 65%. Zuckerberg has pissed off investors by spending billions on a push to the troubled metaverse, despite signs of declining revenue and declining usage of social media platforms Facebook and Instagram.
Cramer has yet to respond to the latest criticism of his Meta call, but the longtime CNBC anchor has been hairy in the past when detractors mocked his predictions.
Last August, Cramer criticized his prediction that the United States had reached a peak in inflation on the Financial Times blog “Alphaville,” saying that “I’m starting to worry that it won’t.”
Cramer demanded an apology from the FT when July inflation showed a slight drop in prices.
Cramer tweeted, “Waiting for the Financial Times to apologize for blaming me when I said inflation was at its peak.” I don’t think it’s funny.”