Jim Cramer is deeply sorry for his Meta prediction portfolios that were unable to predict the future.
The Mad Moneyhost, who was recently on CNBC, was visibly upset by his prediction that Meta, Facbook’s parent company, would be a good investment. In June he stated that Meta has “nowhere to go but up”
“I made an error here. I was wrong. This management team was trustworthy. Cramer stated on CNBC that this was foolish. “The hubris is amazing, and I am sorry.”
Meta, the parent company of Facebook, has lost $677 billion dollars this year. Meta was the sixth largest US company in terms of market capitalization at the beginning of the year.
See the video above.
From Fortune:
Morgan Stanley downgraded Meta’s shares on Thursday. Cowen, KeyBanc Capital Markets and HTML3_ KeyBanc Capital Markets also downgraded Meta’s shares. Morgan Stanley analysts stated that they expect the company’s free-cash flow to plummet by 60% by 2023, and that they have slashed their price target nearly half.
Meta, the social media giant that owns Instagram and Facebook, is still a major player in social media. However, CEO Mark Zuckerberg is leading the company in investing huge amounts of money, time, and energy into the metaverse. This virtual reality universe, it warned, could take many years to pay off.
Zuckerberg stated that while there is still much to do in order to create the next computing platform, “we are clearly doing leading work here.” This is a huge undertaking and each product will likely be released in a number of versions before becoming mainstream.
Jim Cramer suggested that shares in Facebook parent Meta should rise earlier this year.
He said that he was sorry today. https://t.co/NNrWT6Mv0F
— FORTUNE (@FortuneMagazine October 28, 2022
