Jim Cramer is an American television personality and former hedge fund manager. He hosts Mad Money on CNBC, known for his flamboyant personality and outspoken views on the stock and crypto markets.
The investment personality posted on X (Twitter) on November 16, 2021, positively talking about Lucid Group, Inc. (NASDAQ: LCID). Jim Cramer admitted it was a FOMO bet and “the hunt for the next Tesla.”
Notably, this post marked the “absolute top” for Lucid stocks, as shown in the price chart shared on November 8 by the CramerTracker account. Since then, LCID lost approximately 93% of its value.
Looking further into it, LCID stocks were trading at $55.52 per share on the same day of Cramer’s post saying “it could go higher.” However, Lucid is now trading at $3.95 per share by press time for the mentioned accumulated losses.
Inverse Cramer Tracker ETF
Jim Cramer, a figure often wrapped in controversy, has gained notoriety for his financial forecasts, which frequently turn out to be counter to actual market movements. His track record has even inspired the creation of a specialized financial tool known as the Inverse Cramer Tracker ETF.
This particular ETF aims to generate returns when Jim Cramer’s stock recommendations perform poorly. It operates on the principle of contrarian investing, essentially betting against Cramer’s market insights.
In practical terms, the Inverse Cramer Tracker ETF actively shorts the stocks that Cramer advises investors to buy. Interestingly, shorting Lucid stocks during the influencer’s FOMO would have resulted in excellent gains for investors.
Cramer’s fluctuating influence was evident in his advice regarding Nvidia (NASDAQ: NVDA). After Cramer suggested investors should distance themselves from Nvidia, the stock unexpectedly experienced a massive increase of 284%.
In cryptocurrency, Bitcoin (BTC) has seen a more than 100% increase in value since Cramer advised investors to exit the market in January. Essentially, Bitcoin was trading at $17,093 and is now valued at around $36,800 per coin.
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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Source: https://finbold.com/heres-how-much-lucid-stock-is-down-since-jim-cramers-fomo/