None other than Elon Musk lashes out on Twitter at Jim Cramer, a self-proclaimed investment expert who regularly makes headlines for his wrong predictions. Jim Cramer is the host of the CBNC program Mad Money, where he regularly shares his views on the financial markets. Not long ago he was bullish about the American Silicon Valley Bank, which has since collapsed.
Musk lashes out
Because of his dramatic predictions, there is now one as a joke Inverse Cramer ETF started. The ETF launched on March 2 and has been outperforming the S&P 500 ever since. Jim Cramer was already regularly mocked within the crypto community for his dramatic predictions, but now things are starting to get serious. So now you can literally invest in a financial instrument that does the opposite of Jim Cramer.
In the past, Cramer regularly lashed out at the Bitcoin industry, making him unloved by the community. For that reason, it is of course extra fun for the crypto community when Cramer goes wrong and especially when his Inverse Cramer ETF outperforms the S&P 500.
Shibetoshi Nakamoto, a Dogecoin influencer, decided to joke on January 16 that Jim Cramer is good at his job. Elon Musk responded with: “The Force is strong with inverse Cramer.” With which Musk also embarrasses the so-called investment expert.
‘Invest in American banks’
Less than a month ago, the CNBC host called on his viewers to invest in the now-fallen Silicon Valley Bank. Ripple’s Chief Technology Officer David Schwartz describes it as “probably the worst possible investment ever.”
Last Friday, Cramer took it a step further by tipping the Federal Republic Bank as a “very good bank.” A few days later it was announced that the bank was in trouble and the share price fell by 70 percent.
In fact, the situation was so dire that Federal Republic Bank needed a $30 billion bailout package to recover. Bloomberg’s Eric Balchunas also notes that the Inverse Cramer ETF is doing great in its early days, even though it missed out on its “legendary Silicon Valley Bank call.”