by Jim Clayborn | RNN
META-Facebook shares were down more than 24% Thursday on a weak Q4 forecast and earnings collapse.
“Meta Platforms Inc. shareholders are paying dearly for its spending on the metaverse: The Facebook parent’s market value has collapsed by a whopping $677 billion this year, forcing it out from the ranks of the world’s 20 largest companies.” Bloomberg News reported Thursday morning.
Mark Zuckerberg’s fortune took a huge hit.
“Mark Zuckerberg’s fortune plunged by $11 billion after his Meta Platforms Inc. reported a second-straight quarter of disappointing earnings, bringing his total wealth loss to more than $100 billion in just 13 months.” Bloomberg News reported.
CNBC’s Jim Cramer recommended META stock right before it collapsed.
Cramer held back crocodile tears as he apologized for leading people off a cliff by recommending META stock.
The “King of Wrong,” Cramer’s terrible advice extends to areas beyond finance. In 2021, he called for the U.S. military to administer vaccines to the entire population by law, suggesting those who resisted be “ratted out”:
And this certainly isn’t the first time Cramer led investors off a cliff.
Jim Cramer enthusiastically encouraged investors to keep their money in Bear Stearns shortly before two of its highly leveraged hedge funds collapsed and it needed to be bailed out during the 2008 liquidity crisis.
“Bear Stearns is fine! Do not take your money out!” Cramer shouted on his “Mad Money” show on March 11, 2008. “Bear Stearns in not in trouble!”
Less than a week later Bear was bailed out for $2 per share.
As to META, it is worse than even Jim made it seem. Cramer didn’t just say to hold the stock through this latest disastrous earnings, but has been pimping it for years.
LOOK at this horrendouse performance. How does this guy even have this job??