Meta Falls Again

As Squawk on the Street co-host Jim Cramer knows, when you make a mistake you have to own up to it.

Earlier this year, Cramer told viewers to invest in Meta, Facebook's parent company, believing it had “nowhere else to go but up.”

But on Thursday, Meta's stock fell a whopping 25 percent after they released their Q3 earnings, which showed a poor revenue outlook for Q4.

The stock plummeted to its lowest point since 2016 at $98.21 per share.

Sign up for our free Indy100 weekly newsletter

While co-hosting CNBC's Squawk on the Street on Thursday, Cramer appeared teary-eyed while expressing regret to viewers for recommending the stock.

"I made a mistake here, I was wrong," Cramer said with his head down. "I trusted this management team. That was ill-advised. The hubris here is extraordinary, and I apologize.”

Since CEO and co-founder Mark Zuckerberg announced a shift in priority toward the Metaverse and VR technology earlier this year, the company has seen a drop in value and interest.

And some Twitter users believe they could have seen the bad call coming given Cramer's reputation.

Fans of Cramer came to his defense on social media by praising him for admitting he was wrong.

"I come out here and I try to help people every day, and I failed to help people and I own that," Cramer added. "I did not think the company would be as ill-advised as it's been there what they had."

Have your say in our news democracy. Click the upvote icon at the top of the page to help raise this article through the indy100 rankings.

Please log in or register to upvote this article
The Conversation (0)