Twitter’s owner and one of the wealthiest people on the planet – Elon Musk – dropped a sarcastic tweet regarding Jim Cramer’s recent market predictions.
The host of CNBC’s financial TV show – “Mad Money” – has given guidance to investors numerous times, but often that advice has turned wrong. A few days ago, he argued that people should use the recent crypto price rally as an opportunity to sell their stash. However, the market kept its uptrend, with bitcoin tapping a new 9-month high at $27,000 earlier today.
‘Inverse Cramer’ ETF Seems to be Working
In a recent Twitter post, the Co-Creator of the memecoin Dogecoin – Billy Markus (better known as Shibetoshi Nakamoto) – said Cramer is “good at his job.” His comment started a debate, and one of the people to join was Elon Musk.
The South African entrepreneur ironically supported the “Inverse Cramer” strategy – a plan that helps investors bet against the stock picks of “Mad Money’s” host.
The Force is strong with inverse Cramer
— Elon Musk (@elonmusk) March 16, 2023
The Inverse Cramer Tracker ETF (ticker SJIM) was designed to perform in the opposite direction of the TV personality’s advice. Matthew Tuttle – CEO of Tuttle Capital Management – explained in detail:
“If he specifically says either buy, buy, buy a stock, then we’re gonna go short that stock at the next practical moment. If he tells you he hates a stock or sell, sell, sell or something like that, then we’re gonna go long that name again at the next kind of practical entry point.”
Some cryptocurrency participants have recently claimed that betting against Cramer could be an appropriate investment strategy since his predictions on the future performance of digital currencies, such as bitcoin, have not been quite precise.