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Home / Business / Facebook needs to drop Libra and buy Square, Jim Cramer says

Facebook needs to drop Libra and buy Square, Jim Cramer says



Jack Dorsey CEO Jack Dorsey has made a $ 34.2 billion market cap and an established bitcoin play, CNBC's Jim Cramer said Wednesday.

Cramer was initially a fan of Big money gets grilled in antitrust hearings on Capitol Hill. Facebook should just drop the concept, Cramer said.

"It's clearly doing more harm than good," the "Mad Money" host said, addressing the message beyond viewers and to Facebook leadership. Buy Square [for] $ 70 billion … [and] blow out Square's payments network worldwide. "Square cash is going to cash Facebook."

In June Facebook announced Libra, a collaborative effort between international organizations, which has drawn skepticism from officials in Washington, DC, including President Donald Trump and both sides of the aisle. The cryptocurrency is a primary focus of the company's head of global policy development.

The hearing, which includes Apple's executives, Alphabet's Google and Amazon, follows a $ 5 billion fine the Federal Trade Commission issued to Facebook for privacy issues.

"If [Facebook would] simply bring in some unassailable outside counsel with real credibility … then maybe the government would allow them to self-regulate again," Cramer said.

Rest of tech

Cramer said the risk of Washington is looming over all the major tech companies.

Amazon, which has drastically changed the retail landscape, is in the best shape of the group, Cramer said. The e-commerce behemoth, which is opening a second HQ in Virginia outside DC, has some influence in Congress because it has operations across the country.

While the company is being investigated by the European Union, it scored a win in a settlement with German antitrust officials. Amazon's associate general counsel Nate Sutton was his representative at Tuesday hearings on Capitol Hill.

"I think these changes will immunize the company." Mostly, though, Amazon knows how to play the game, "Cramer said.

Alphabet has" real earnings risk here "and resembles the antitrust case that Microsoft faced nearly 20 years ago, Cramer said. [Http://wwwyoutubecom/watch?v=rPG&tP=T&type=PublicPhase&http://wwwyoutubecom/watch?v=ZY&turntId=en&topic=1

&topic=1&topic=en&target="http://wwwyoutubecom/watch?v=ZY&tId=en&target="http://wwwyoutubecom/watch?v=ZY&tId=en&target="http://wwwyoutubecom/watch?v=ZW&tP="http://wwwyoutubecom/watch?v=ZY&tId=EN&topic=en&target="http://wwwyoutubecom/watch?v=ZY&tId=antitrusthearingsfacesallegationsofbiasagainstconservativesandconservativeswhichcouldbeamatteroffreespeechCramersaidPeterThielofhavingtiestoChina

Outside of the congressional panel, Google is facing new accusations, escalated by President Donald Trump. "Unless they can find a way to placate the government, someone's always going to break up," the host said. "I think there's real earnings risk here.", "What do you think about it?" or wrong. "

WATCH: Cramer talks Big Tech's visit to Capitol Hill

Disclosure: Cramer's charitable trust owns shares of Facebook, Amazon, Alphabet, Apple and Microsoft.

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