Jim Cramer on Meta: ‘I was wrong. I trusted this management team.’

CNBC host Jim Cramer apologized for encouraging people to buy stock in Meta, after the Facebook parent company’s shares plummeted on Thursday.

“I made a mistake here,” Cramer said. “I was wrong. I trusted this management team. That was ill-advised.”

Cramer had previously touted Meta and its upcoming virtual reality social platform, the Metaverse, saying on CNBC in June that “people should be buying this stock.”

Meta’s shares had plunged 25 percent as of Thursday afternoon, following a disappointing third quarter report. For the second quarter in a row, Meta reported declining revenue. 

The company reported $27.1 billion in revenue for the third quarter of 2022, a 4 percent decrease from the same time last year. Wednesday’s report was immediately followed by a drop of about 12 percent in Meta’s shares in after-hours trading.