Jim Cramer apologized for telling people to buy Meta stock after the social media company released a dismal report for the third quarter that showed
DEMOCRATIC REPRESENTATIVE DISCLOSES BIG TECH STOCK SALE BEFORE VOTING FOR BILL THAT WOULD REIN IN CORPORATE POWERThe tech giant’s Q3 results disappointed street estimates, sending the stock to its lowest levels since 2016. pic.twitter.com/Eg5d8q1XTv“I made a mistake here. I was wrong. I trusted this management team. That was ill-advised,” Cramer said during an appearance on CNBC's Squak on the Street.
In June, Cramer advised people buy the stock after an interview with CEO Mark Zuckerberg, calling him"simply unstoppable" at the time. Since Cramer's interview with Zuckerberg, the stock has dropped nearly $59 from roughly $156.27 to $97.94 a share. The stock dropped nearly $40 since Tuesday, when it was priced at $137.51 per share.The falling stock price of Meta, Facebook's parent company, was fueled by a disappointing third quarter which showed the company has declining revenue for a second quarter in a row.
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