Though some feel the timing couldn’t be worse.
metaplatforms (GOAL) – Get a free reportHe sent another shockwave through the tech world when he announced another round of cuts of about 10,000 jobs on Tuesday, March 14. Financial expert Jim Cramer took to Twitter that morning to share his own racy version of the announcement.
“Meta is embracing the world that all industrialists are facing, a world where economies are going to shrink,” Cramer said of the giant tech company.
Referring to CEO Mark Zuckerberg, Cramer said he “acknowledges that it affects his company… He’s being like any CEO in the real world, not like the Silicon Valley world.”
DO NOT MISS: A political party is using a code word to explain the collapse of SVB
The tech industry as a whole is still reeling in the wake of the Silicon Valley Bank (SVB) collapse, which occurred just days before the layoffs were announced. Although the job cuts were anticipated, some commentators still felt it was “too early” for more bad news.
Cramer has certainly seen his share of scrutiny thanks to the shocking demise of SVB. Just a month ago, he was a big fan of the bank, saying that “stocks are still cheap” at $320 a share. Phew.
But Cramer has been using his Twitter to keep followers updated on his outlook on the situation, including his sentiment that this moment is “a wake-up call to buy everything but tech.” However, for more specific ideas on how to invest after SVB, readers will need to subscribe to Cramer’s paid content.
