Cramer has been pushing Meta Platforms Inc (Facebook) for most of the year while other investors were expressing grave doubts. Today the stock imploded, as of this writing losing a quarter of its value. A little over a year ago it was trading at $379.
Source: Bazinga
Jim Cramer has been a buyer of Meta Platforms Inc shares since the stock fell below $200 earlier this year. With the stock trading around $100 following weak earnings results, the "Mad Money" host is jumping ship, citing poor management.
"I made a mistake here. I was wrong. I trusted this management team. That was ill-advised," Cramer said Thursday on CNBC's "Squawk On The Street."
Cramer has been pounding the table on Meta's valuation for the majority of the year, while several analysts backed off as the company shifted its focus to the metaverse. He even called a bottom in the name with the stock trading at around $190 per share.
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Cramer noted he was wrong to trust Meta's management team instead of himself and seemed shocked at the company's lack of discipline."For that I regret. I've been in this business for 40 years, I did a bad job. I am not proud," Cramer said.
"I come out here and I try to help people every day. And I failed to help people, and I own that."
