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Frequently Wrong TV Stock Pumper Jim Cramer Is Being Trounced For Crying On TV While Apologizing For Being Badly Wrong (Again), This Time About Currently Melting Down Meta/Facebook

Mad Money host Jim Cramer is not having a fantastic week. The Elizabeth Holmes superfan has been endlessly hyping the stock of Facebook company Meta, and now it’s biting him in the butt. This would only add to his long history of being called out for wrongly urging people to buy or sell *now*… but here we are. All signs pointed toward Cramer’s Meta position being very bad advice, but Kramer hung on tight. A few days ago, he tweeted, “The lack of respect for $META is incredible…”

Well, tech stocks are tumbling, and Mark Zuckerberg’s insistence upon making the “metaverse” a thing has apparently led to far too much spending, which hasn’t gone unnoticed. On Thursday morning, Facebook stock swiftly plunged 24% after missing earnings, and as of this writing, that figure’s approaching 30%. And here’s a soundless video of Cramer growing emotional while apologizing to viewers.

People soon called Cramer out for “crying” while falling all over himself.

Via CNBC, here’s what Cramer has to say about his very bad call:

“I made a mistake, and I was wrong. I trusted this management team and that was ill-advised. Gone rogue. I got had. Horrifying free cash flow of less than $1 billion at the Club holding. Last year $9.5 billion. The hubris here is extraordinary. Bought back $6.5 billion of stock, suboptimal. Shares of the Facebook-parent getting crushed, down nearly 23% to around $100 in the premarket. As we wrote Wednesday evening after the mixed quarter and light guidance, it’s no wonder the stock is down so much, with CEO Mark Zuckerberg obsessed with spending on the metaverse.”

And the “Inverse Jim Cramer” movement counts a victory.

Cramer also took to Twitter to declare, “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.”

The man who John Oliver recently referred to as a “garbage can full of cocaine” will need some time to recover from this.