CNBC’s “Mad Money” host Jim Cramer is cutting back on social media by urging viewers to invest in Silicon Valley Bank ( SVB ) in February after footage resurfaced of its collapse on Friday.
SVB was the 16th largest bank in the United States and was associated with various Silicon Valley industries and startups. The closure of the bank was announced by the Federal Deposit Insurance Corporation (FDIC), and it was the worst failure of US financial institutions in almost 15 years.
In the wake of SVB’s collapse, a clip went viral in February of Cramer speaking positively about the bank as “the biggest winners of 2023… So far.”
“The ninth best performer here today is financial SVB. Don’t yawn,” he told his audience on February 8. “This company is a depository base that Wall Street is wrongly worried about!”
CNBC’s Jim Cramer on “Mad Money” talking about Silicon Valley Bank.
SILICON VALLEY BANK CLOSED BY REGULATORS
In the same clip, he suggested that the stock’s recovery, up 40% at the time, from last year, could be lackluster, “It’s a good example of why these rebound moves may be far from over. These stocks still have more room to run, especially considering they were pushed to artificially low levels.” if you have”.
Commenters on Twitter blasted Cramer for his bad financial advice.
A financial account tweeted the video, saying: “A month ago, Jim Cramer urged investors to buy shares of Silicon Valley Bank $SIVB. Today, California regulators shut down the bank, making it the 2nd largest bank failure in US history.”
Jim Cramer visits the opening bell of the New York Stock Exchange at the New York Stock Exchange on August 3, 2016 in New York. (Photo by Noam Galai/Getty Images)
SILVERGATE CAPITAL WINDING DOWN BUSINESS; WILL BE VOLUNTARY LIQUIDATED
“Jim Cramer was advising people to invest in SIVB just a month ago. Probably the worst investment ever,” wrote commenter David “JoelKatz” Schwartz.
“Yet another of Jim Cramer’s hot stock markets has fallen harder than Joe Biden tripped over the steps of Air Force One,” NewsBusters wrote.
After entrepreneur Patrick Bet-David tweeted “Screw Jim Cramer,” tech reporter Doriano “Paisano” Carta joked: “Wait. You can make a killing with Jim Cramer if you always do the opposite of what he advises. Can’t find anything safer today!”
In this photo provided by the New York Stock Exchange, traders work on the floor, Tuesday, Feb. 9, 2021. (Courtney Crow/New York Stock Exchange via AP)
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Writer Jordan Schachtel shared a series of clips and quotes: “Jim Cramer on Silicon Valley Bank Last Month: ‘Fears Unwarranted’ ‘Stock Still Cheap’ at $320 ‘Overweight’ Share Price ‘At Artificially Low Levels’ is played.”
Fox Business’s Andrea Vacchiano contributed to this report.
Alexander Hall is an associate editor at Fox News Digital. Story tips can be sent to Alexander.firstname.lastname@example.org.