Famed investor Jim Cramer says Meta Platforms Inc (NASDAQ: META) is a “buy” after he had a hands-on experience of the metaverse.
Meta CEO sees business opportunity in the metaverse
CEO Mark Zuckerberg sees big future for the metaverse and wants to position his company formerly known as “Facebook” at the heart of it. Last night on Mad Money with Jim Cramer, he said:
By the end of the decade, we hope to get to around a billion people in the metaverse, doing hundreds of dollars of commerce, buying digital goods, content and different things to express themselves. So, I see a massive economy around metaverse.
To that end, Meta Platforms will spend billions this year on Reality Labs – its metaverse-focused business that reported $3.0 billion in operating loss in the fiscal first quarter.
Meta stock is trading at a deep discount right now
A slowdown in advertising, rising rates, shivering subscriber base, and the uncertainty around the company’s push into the metaverse has the stock down nearly 55% year-to-date – an opportunity to buy a quality name at a deep discount, as per Cramer.
You’re talking a billion people, about a $100 per person, you’re talking market share take because [Zuckerberg] is simply unstoppable and you’re talking about an incredibly cool place to go. People should be buying [Meta].
The proponents of the metaverse see it playing a significant role in the hybrid work environment. Cramer is also bullish on Meta Platforms Inc because “Reels” is doing better-than-expected.
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