Jim Cramer has been a buyer of Meta Platforms Inc shares since the stock fell below $200 earlier this year. With the stock trading around $100 following weak earnings results, the "Mad Money" host is jumping ship, citing poor management. Follow @benzinga "I made a mistake here. I was wrong. I trusted this management team. That was ill-advised," Cramer said Thursday on CNBC's "Squawk On The Street." What To Know: Cramer has been pounding the table on Meta's valuation for the majority of the year, while several analysts backed off as the company shifted its focus to the metaverse. He even called a bottom in the name with the stock trading at around $190 per share. "The stock's trading like the whole metaverse thing is just one big joke," Cramer said at the time. Cramer explained that he expected Meta's management to cap spending so that it would not burn all of its free cash flow, but that didn't happen. "The hubris here is extraordinary and I apologize," he said. "This situation is...