The CEO of Twitter mocked the host of “Mad Money,” stating, “The Force is strong with inverted Cramer.”
Elon Musk, the owner of Twitter and one of the wealthiest individuals in the world, sent a mocking tweet referencing Jim Cramer’s latest market projections.
Several times, the presenter of CNBC’s financial television program “Mad Money” has provided investors with advice, often proven incorrect. A few days ago, he advised consumers to liquidate their cryptocurrency holdings in light of the recent price increase. Nonetheless, the market maintained its upward trajectory, with bitcoin reaching a fresh nine-month high of $27,000 earlier today.
Billy Markus, co-creator of the memecoin Dogecoin, said in a recent tweet that Cramer is “excellent at his job.” His remark sparked a controversy, and Elon Musk was one of the participants.
Ironically, the South African entrepreneur sponsored the “Inverse Cramer” method, which allows investors to wager against the stock selections of “Mad Money’s” presenter.
The Inverse Cramer Tracker ETF is meant to perform in the opposite direction of the television personality’s recommendations. Matthew Tuttle, chief executive officer of Tuttle Capital Management, elaborated:
“If he specifies either buy, buy, buy we will short that stock at the earliest possible opportunity. If he tells you he dislikes a company or advises you to sell, sell, sell or anything similar, we will buy that stock again at the next realistic entry opportunity.”
Several cryptocurrency players have lately said that betting against Cramer may be a viable investing strategy, given that his forecasts about the future performance of digital currencies such as bitcoin have been inaccurate.
Cramer indicated at the start of 2022 that the bitcoin and ether correction might be completed, marking the beginning of a cryptocurrency bull run. Nevertheless, the previous year was tragic for the business and witnessed the death of several giants, such as FTX, Celsius Network, Three Arrows Capital (3AC), and others.
The unfavorable events, the general macroeconomic crisis, and other reasons had a negative impact on the majority of digital assets, with Bitcoin falling by 65 percent.