“Mad Money” host Jim Cramer admitted to making a mistake about Meta shares Thursday which plunged 25% in a single trading session.
According to The New York Post, Cramer’s voice trembled as he confessed to trusting the company’s management team and not himself.
“I had thought there’d be an understanding that you just can’t spend and spend right through your free cash flow, that there had to be some level of discipline,” Cramer said.
In June, Cramer reportedly told viewers to buy shares of Meta stock because its CEO, Mark Zuckerberg, was “simply unstoppable.”
“I trusted them, not myself. For that I regret. I’ve been in this business for 40 years, and I did a bad job. I’m not proud,” he said.
According to NBC News, the company said revenue for the fourth quarter will be $30 billion to $32.5 billion. Analysts were expecting sales of $32.2 billion.
