CNBC analyst Jim Cramer is again facing criticism on social media after a clip of him recommending viewers to buy shares of Silicon Valley Bank's parent company resurfaced. The clip was from a February 8 episode of "Mad Money" where Cramer listed SVB Financial among his "biggest winners of 2023…so far". Despite being the "fourth-worst performer of 2022", Cramer touted the stock as being "cheap" and a good investment opportunity.
Critics of Social Media
Critics on social media reminded others of Cramer's ill-fated stock tip, with some calling for him to be taken off the air permanently. One Twitter user pointed out that Cramer also said Bear Sterns was fine in 2008, and another called him an "Oscar-deserving" man. Investment gurus seeking to capitalize on Cramer's poor forecasting track record introduced a pair of exchange-traded funds that go against his recommendations.
Cramer's Apology and Poor Forecasting Track Record
Cramer is a frequent target of criticism on social media, with many pointing out his market predictions that fail to materialize. Last fall, Cramer appeared on CNBC and apologized to viewers for touting Meta stock, which plummeted by 25% during a single trading session. Despite this, investment gurus continue to capitalize on his poor forecasting track record.