Jim Cramer was the target of social media anger on Friday after shares in crypto trader Coinbase soared just a week after the CNBC finance guru warned of an SEC investigation into the company.
On July 26, Cramer tweeted, “The Coinbase rollover in a possible SEC investigation is very bad news as we don’t even know what it’s about. But they always hoped to avoid SEC scrutiny.”
Twitter users then posted screenshots showing that Coinbase’s stock price rose more than 16% to over $106 per share on Thursday.
Coinbase COIN, up 4.67%, traded at around $92 a share on Friday. In the past five days, the company’s stock is up more than 50%.
The crypto exchange announced Thursday that it has partnered with investment giant BlackRock BLK, -0.01%, the world’s largest wealth manager, that will allow its institutional clients to buy digital currencies like Bitcoin.
The sharp rise in Coinbase’s stock price prompted critics on Twitter to take a stab at Cramer.
“I don’t care if a company is the next Amazon. If Jim Cramer recommends the stock I will never buy it,” tweeted accountant and financial news analyst Genevieve Roch-Decter.
Another Twitter user noted, “Just a week after Jim Cramer turned bearish on Coinbase, the stock plummeted 89%.”
“Never take financial advice from Jim Cramer!” Crypto podcaster Tony Edward tweeted.
Last month, a former Coinbase employee was arrested and charged with alleged insider trading.
Ishan Wahi, 32, worked as a product manager for Coinbase. The federal government claims Wahi informed his brother Nikhil Wahi and a friend about the company’s secret plans to offer certain cryptocurrencies.
Federal investigators claim the three men raked in $1.5 million in profits.
Coinbase said it had launched its own internal investigation into the matter and forwarded its findings to the Justice Department.
This article was first published on NYPost.com
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