(Ariel Zilber, New York Post) CNBC analyst Jim Cramer is once again being pilloried on social media after a clip resurfaced showing the “Mad Money” host recommending viewers buy shares of Silicon Valley Bank’s parent company, which owns the tech-driven commercial lender that swiftly collapsed on Friday.
“The ninth-best performer to date has been SVB Financial (the bank’s parent company). Don’t yawn,” Cramer told viewers during a Feb. 8 episode of “Mad Money.”
Cramer listed SVB Financial among his “biggest winners of 2023 … so far” alongside blue-chip stocks such as Meta, Tesla, Warner Bros. Discovery, and Norwegian Cruise Line.
“This company is a merchant bank with a deposit base that Wall Street has mistakenly been concerned by,” Cramer said in the clip.
“The stock is still cheap,” Cramer said. At the time, SVB Financial was trading at $320.40 a share.
The Post has sought comment from CNBC.
On social media, critics of Cramer made sure to remind others of the now-ill-fated stock tip.
“One month ago, Jim Cramer urged investors to buy Silicon Valley Bank stock,” one Twitter user observed, adding: “Today, the bank was closed by California regulators, making it the 2nd largest banking failure in US history.”
Another Twitter user wrote: “At first it was funny that Jim Cramer was always wrong.”
“Now it’s extremely sad how many people and families he’s destroyed by always being wrong.”