Meta Platforms (META) sent another shockwave through the tech world when it announced another round of some 10,000 job cuts Tuesday, March 14. Financial pundit Jim Cramer took to Twitter that morning to share his own spicy take on the announcement.
"Meta is embracing the world that all industrials face, a world where economies are going to contract," Cramer said of the giant tech company.
Referring to CEO Mark Zuckerberg, Cramer said that "he recognizes that impacts his company[...] He is being like any CEO in the real world, not the Silicon Valley world."
DON'T MISS: One Political Party is Using a Trigger Word to Explain SVB's Collapse
The tech industry as a whole is still reeling in the wake of the Silicon Valley Bank (SVB) collapse, which occurred just days before the layoffs were announced. Though the job cuts were anticipated, some commenters still felt like it was "too soon" for more bad news.
Cramer has certainly seen his share of scrutiny thanks to the shocking demise of SVB. Just one month ago, he was a big fan of the bank, saying that "the stock is still cheap" at $320 per share. Oof.
But Cramer has been using his Twitter to keep followers up-to-date on his outlook on the situation, including his feeling that this moment is "a clarion call to buy everything but tech." For more specific thoughts on investing after SVB, however, readers will have to subscribe to Cramer's paywalled content.
