Meta (Facebook) is looking at a 23 percent dip today and the company's lowest stock price since 2016. The main cause? The virtual reality wing of the company spent $9 billion on the metaverse in the first three quarters of the year which seems like a bad idea in retrospect. One person who did not see this coming was CNBC's Jim Cramer who was near tears today discussing what happened at Facebook / Meta.
"I made a mistake here. I was wrong. I trusted this management team."
Cramer couldn't even look the camera in the eye as he said it. He apologized multiple times during the segment and said that he was disappointed in himself.
"What did I get wrong? I trusted them and not myself. For that I regret. I've been in this business for 40 years and I did a bad job. I am not proud. I am not proud."
We haven't seen Cramer this emotional about a company's leadership since he upgraded the Bluth Company to "Don't Buy."
You have to wonder what this means for the future of the NFT basketball coach.