Josh Brown buys Meta shares, betting Zuckerberg 'doesn't want to burn his own house down' – CNBC

Ritholtz Wealth Management CEO Josh Brown is taking advantage of Meta’s stock plunge. He bought shares before the open Thursday, although it is not a substantial position, he said on CNBC’s ” Halftime Report .” Meta tumbled more than 20% Thursday, continuing the freefall that began after the social media company posted an earnings miss and issued a weak forecast after the bell Wednesday. Over the past year, the Facebook parent company has seen a huge loss in market cap, which is now at around $270 billion. More than a year ago, it was at $1 trillion . Brown’s move isn’t necessarily an endorsement of the company or its CEO Mark Zuckerberg . Instead, he’s betting on a potential turnaround once the company realizes it has to make some changes. “I can come in today and make the bet that this guy doesn’t want to burn his own house down,” Brown said. He likened the moment to the one surrounding Netflix ‘s recent decision to offer an ad-supported service . That was an idea Wall Street wanted but the company initially dismissed, Brown said. Since Netflix’s “Basic with ads” tier was announced, the stock has gained about 30%. “The only…
Read More