>> that's a conversation for another day. thank you, all this was a blast thanks, everyone, for watching "fast money. "mad money" with jim cramer starts right now my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere and i promise to help you find it, "mad money" starts now. hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends, i'm just trying to make you a little money my job not just to entertain but teach you. call me or tweet me @jimcramer, let the bad times roll what can i say when salesforce

lays off 8,000 people or 10% of its staff and the stock rockets higher you have blueprint for a tech turn around on going disaster down around the neck of the market more than 3% gain in salesforce in the wake of that news today confirms softwares and service stocks can rally. a charge of 1.4 billion to $2.1 billion led to a nearly $5 billion gain in market capitalization for the cloud play yes. and i think that the cloud king move is just beginning that's a reason why the things were fine with the dow ultimately up 133 points, s&p advancing ands nasdaq climbing 6.9% despite down beat

conference from the fed in month-old meetings salesforce ceo didn't menace words in the letter to employees. quote, the environment remains challenging and customers are taking a measured approach to the purchasing decisions with this in mind we made a difficult decision to reduce the work force by 10% mostly over the coming weeks end quote. wow. that's marc benioff. the over expansion was their own doing as he articulates quote, i've been thinking a lot about how we came to this moment as our revenue accelerated through the pandemic, we hired too many people leading to the economic downturn we're now facing and i take responsibility for that end quote tough and good all right. this isn't the first time layoffs have propelled big tech higher chopped 13% on november 9th when the stock was at 96 and now it's at 127 again, too many people, too few revenues

this was marc benioff. i'm not saying that we're going to cost cut our way out of this remorseless market that sdnltdoesn't work if business cuts back on market, salesforce has to fire more people, perhaps prodded by the store board value, the firm that's encouraging tough love that has a lot of shares if mark zuckerberg founder and ceo can't figure out how to mantize the metaverse and he's going with a lot of real estate but at the end of the day, this market is unforgiving to the fact happy tech companies that hired too many people during the pandemic and are now seeing that they're not taking the tough actions needed to protect you, to protect you, the shareholder. the kind of actions that a steel maker or cable company will go

into a downturn. thei they know how to do it the tech guys never seen anything like this they don't know what to do which brings me to why we see this happening. we discovered that the mega cap products, techs, the giants that in some cases got trillion dollar valuations or multi trillion because precisely they did that because we thought there was no cyclical and now they're wallowing. we used to think they could keep growing like crazy regardless of the underlying economy but that's no longer the case, which is why they can stand to benefit from so many cost cuts painful as they are. can you imagine how much alphabet would jump if they admitted they had over hired during the pandemic. when you were sitting at home, you watched youtube and look things up at google when you had to go back to work every day your habits changed but did alphabet do anything when the business slowed? they did how about this how about they announced a mega

plan for $9.5 billion in offices, data centers and hiring 12,000 new people, very expensive people i kid you not, that's what they did. that's what they did it's time for al barphabet to be the bullet we never want to root for people to lose their job. but the market is going to keep punishing them until that happens. a year ago during the tail end of the pandemic, amazon had 1.1 million employees in the u.s that's about as many as we have in the armed forces. how many of these people does it need now, the same amount? do you think amazon needs as many workers as it did when we were hunkered down waiting for boxing and amazon deliveries as much as retail amazon that's under sold, web service business is under selling according to analysts so again, if there are too many people, they need to let some people go even if their sales stay the same, the earnings can't grow as long as they find ways to cut costs and that would be enough

to make this market happy and their stocks would fly oh, i was thinking today how much amazon would be up, how much alphabet would be up if they just did the right thing and the right thing sometimes is a hurtful thing. after listening to a powerful downgrade of microsoft because of slowing azure cloud sales, i figured they also have too many data centers, too many people, too many unknown projects with cyclical come phon components. for certain, time to pay more attention to the bottom line than the eco line apple it pro probably the market capitalization is down $1 trillion this would be a good time to rationalize if i want to do it what's happening here? why am i discussing these mega cap tech companies like caterpillar or union pacific or american our lines, that's what

they become. in the old days these companies seem like they would go endlessly to the sky no matter what you said about them it always felt like the business was in the second inning very little competition. for the most part, it was sec cue -- secular growth remarkable no competitors motes all over the place untethered from the under lying economy. now we're well past the seventh inning and the growth ball game is over. for full decade these companies defied all criticism but as we got to 2020 we began to see there was cyclicality. you know what happens to customers? when there is downturn they don't have the money to pay they can't handle a downturn they spend less. that's what customers do elected or not, i bet if you were at amazon now you might say hey, maybe we don't need the trucks, maybe we have too many data centers and need to raise

the price of amazon prime or let people go because business is slowing. i'm sure the ceo is thinking the same thing, do we really need all this real else state do we need all these people and data centers and all these warehouses endless. there are so many tech companies that are still trying to grow rapidly over paying for new employees and they fear that layoffs will mean that their time in the sun is over and wall street won't like it they don't seem to understand the time ended over a year ago when the fed got tough on inflation. i saw this during the.com collapse the ones that didn't cut cost and care about preserving the institution to be preserved, guesswhat? they closed or the 330 of them only have a couple made it i'm saying this decline will be as bad as the 2000 and 2001, won't be that, nor am i saying the tech stocks can rally endlessly on cost cuts, especially when the newly released fed minutes from last month show the central bank doesn't want the stock market getting ahead of itself.

but let's face it, there are gluts in tech everywhere it is just that nobody in tech wants to admit it. so marc benioff this morning as one over the last 23 years, salesforce has built the number one crm customer management that drives incredible customer success across every line of business for every industry around the world end quote. ohana means family if marc benioff the orgaiginati can cut family, so can anyone else bottom line, once these tech guys are willing to fire family, you know they have adjusted to the new much more hostile reality. but there is a lot of family out there. and a lot of that family has to find a new family or go to a new home because they're about to get disowned yvonne in florida, yvonne?

>> caller: happy new year. >> same to you what's going on. >> caller: devon energy? good time to buy >> excellent time to buy we had carla garners work going yesterday. she's a fantastic technician sold oil at 120 and says it's time to buy now. the stock at 58. i think you want to. >> buy, buy, buy, buy. >> it's the right time and don't forget, you got the 9% yield all right. look, once these tech guys are willing to fire family, you know they have adjusted to the new much more hostile reality. but how many have done that? on "mad money" tonight, we cover the top performers on the dow and focus on the s&p 500 to see which of last year's big winners can repeat the performance of 2023 and have earnings estimates come down enough to have a substantial bottom in the market i'll give you my take and can beaten down names prove to be strong buying opportunities? i'm revealing five stocks i have

on my radar that you must hear about that i'm sure you don't even like. until you hear more. stay with cramer >> announcer: don't miss a second of "mad money." follow @jimcramer on twitter send gjim an email or give us a call at 1-0-3-bc8074cn miss something head to "mad mmadmoney@cnbc.com. another busy day? of course - you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want - your team, ours or a mix of both. with the nation's largest ip converged network.

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we're in an easy trap to fall in working for a long time.

start with the facebook, amazon, netflix. the big e.rgers and losers, the second half when the price fell. i'm keeping that in mind when i judge the top 25 performance of the s&p 500 last year which is a truly miserable period it's not easy finding names to repeat positive performance. most are clustered in energy, exxon, costco, look at the wall. marathon oil i like the group but i actually prefer the variable oils we own for the charitable trust which you can join and find out more about with the cnbc investing club i got to tell you we bought a variable dividend oil stock today you can read about but you can find out more if you are part of the home stretch that's a new afternoon program that comes on after 2:00 p.m. again, if you belong to the cnbc

investing club we call it the 2ish. looking at the s&p 500 biggest winners, though, you know my favorite halliburton. the oil service titan with a red hot stock and a charitable trust name we had the ceo jeff miller on the show, it was so good talked about traumatic under investment seven-year cycle of under investment and we're in year one of the spending cycle for oil and gas. this isn't one of those instances where we're in the second inning. no, seven lean years you almost never catch something like that and this experienced ceo knows what he's talking about. the independents don't drill like they're used to like b.p. today are spending aggressively in thebasin they have three major players. the company formerly said known as schlumberger, the order books are failed and in expansion mode after years of retraction.

i think hal has a multi year rally. you know i i thithink oil will bounce this is a terrific moment to buy a stock we own for the charitable trust next up the s&p biggest winners, two sides in the same coin constellation energy and end phase. constellation is a utility 90% carbon free because they're arguably the best operator of nuclear plants and if our government is serious about fighting climate change, nuclear is the most logical solution but there is a disaster that holds down the higher industry three mile island and then fukushima. hopefully it's been long enough leaders will embrace it. fortunately, the biden administration is on the right side of the issue. the inflation reduction had had an overwhelming name but honest to call the constellation energy act. great for the stock and has the

added advantage of good policy even though constellation had a huge fund last year, it's more on the upside and same for another winner end fphase, which is a favorite solar play because they're focused on micro inverters which convert the energy capture from solar panels into usable electricity as well as batteries and software to control your home solar equipment. that's a much better space than the more competitive solar panel manufacturing market many renewable energy markets talk about off performers as of late, especially the electric vehicle names but end phase is different. it's a profitable company that sells products and services although the stock isn't cheap at these levels. still, you have my blessing to own this another huge winner from the inflation reduction act. i don't like talking politics but you need to acre knowledge the reality of the political situation to pick stocks and we got the least carbon friendly

president in the history of the country and faces the golden boy that out lasted everything from wild lithium to ev charging because a lot of people want home generated solar power and more utilities agree to pay the customers for excess electricity for renewable's like california end phase just gets more valuable generally speaking, the solar energy is not viable they racked up stunning losses but unlike every other alternative play, constellation and end phase are good profitable businesses that happen to be in the business of reducing carbon emissions. again, biden is authorizing a lot of spending for this stuff and it will start to hit this year but i don't feel safe playing that theme with more speculative stocks that are hated by the market. this is one of those you really got to stick with winners, not losers what else works from last year's winners? you know what always, always, always does well in a slowdown the drug distributors.

middlemen like mckesson, amrisourse, none of them would exist if we had a rational health care company. parasites at worst the drug companies, they don't know anything about delivering the product to people. that's why mckesson and cardinal could insert themselves in your portfolio without a problem. i bet they keep winning. i like to say just go by merck, because the valuation got way too low a couple years ago and wall street didn't appreciate the value of the cancer franchise. i hesitate because this runs so much but i don't think you're going to go wrong owning merck in 2023 in a nice move today on an upgrade shows you that not everyone is in the merck pool, not yet and remember, this is about the best of the s&p 500 up 2022 merck and i think merck could again repeat i wanted some defense

contractors in this best of '22 because we've entered a new age of global remilitarization since the collapse of the soviet union, the pure military is unthinkable. now we got one in europe, europe of all places. the russian invasion of ukraine forced leaders to up the defense spending nato treated ukraine as barely irrelevant buffer. financially speaking almost an international pride too much to corrupt. russia is playing a dangerous game they figured the ukrainian regime would collapse and if they did, they could bully with the threat of nuclear weapons. they didn't count on zelenskyy sticking to the guns or the west waking up and realizing we can't give in to russia nuclear. both sides seem to recognize that we're looking through the best s&p, the best defense

contractor to own, so many conventional weapon systems that need to be built as fast as possible to this day i feel that people don't take russia seriously enough including our government which seems more preoccupied from retaliating aggressively than with actually winning this war and that has to end, end with things, either way they are the best way to invest in the remilitarization thesis again, the best of the s&p 500 in 2022, that's the focus here. this is here to stay regardless of what they say you're getting a tremendous opportunity as this stock fell nearly 14. bottom line, we're looking at last year's top 25 winners in the s&p 500 and which ones can repeat and i think it's going to be halliburton, constellation energy, end phase, mckesson, they are the most likely to show up again after the strong performance in 2022 to repeat in

2023 "mad money" is back after the break. >> announcer: coming up, when will earnings estimates bottom cramer tells you when to expect a rise from the ashes of bare market territory, next when you stay at a vrbo you always get the whole home because is it really a vacation home if you have to share a house with a host? ♪

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♪♪ for skin as alive as you are... don't settle for silver. harness the power of 7 moisturizers & 3 vitamins to smooth, heal, and moisturize your dry skin. gold bond. champion your skin. now that we've turned the page in 2022, we need to ask ourselves when this market can truly bottom can the lows hold or expect more pain let me tell you how to answer that question. last june, about a year after the averages started bouncing off the lows, i told you it was too soon to hope for a bottom because the earnsiings were too high they adjusted projections to

find a reality a major reason why stocks turn fragile in late august and why we hit new lows this fall. the estimates were too high. over the summer we heard the recession and the earnings estimates of the s&p 500 had a solid economy detached from reality. last six months, thesist e ieste came down substantially. do we need to steal ourselves from more number cuts? sadly, i think the answer is yes. and remember, we can't get a truly sustainable rally. we have to get lower earnings out of the way first we need to derisk the market from crumb knee numbers. let me put this in perspective late june i saw the s&p 500 earnings growth, it was calling for 6% growth in the second quarter and 14% in the third quarter and 7% growth in the

fourth quarter like i said at the time, those expectations were psychotic. everybody knew the economy was deteriorating and the fed was on the warpath. there was no reason to believe these forecasts. as it turned out, the second quarter where the s&p was supposed to have a 6% earnings growth instead of the earnings down 10%, that's right 6 no doubt 10. in the third quarter we don't have complete numbers but all the way there and based on a comprehensive estimate, the s&p saw 3.2% earnings decline. remember, in june, if you went by the analyst estimates, it was supposed to generate 14% at earnings growth in the third quarter. we don't have results for the third quarter but in the last six months, the estimates have been slashed now the analysts are looking for a 6% decline 2022 should be down for the earnings that's a lot how about this year? which is what really matters

six months ago, the analyst consensus is the s&p 500 would have $249 of earnings per share in 2023. the numbers have come down 9%. that still represents a solid uptake from last year. for the million dollar question, have the estimates come down enough for the market to put in a sustainable bottom let's consider where we are, not the prospects. right now the s&p 500 is selling for 19 times last year easiest mitts. according to historical data by s&p globals, that makes it more expensive than we were six months ago but fairly cheap since the beginning of the colcovi era. they were selling for 23 times the trailing 12 months earnings. two years ago more than 30 times the trailing numbers if you want to look back a little further for the fiver-year average for the s&p 500 that's 21.7. the ten-year average 20 times

those numbers. the 15-year number which includes the financial crisis, 19 times earnings. the 20-year average is lower 18.6 times earnings. if you use the estimates for the next 12 months, the s&p is trading at 17 times earnings in a vacuum that's a fair price to pay for the market but we don't live in a vacuum that looks cheap because the last of the estimates remain too high generally speaking when the market looks inexpensive, that could be a red flag because it means wall street is betting the actual earnings will be lower than expected. they will seek 13.2 earnings growth year over year and in line with the historical average, who believes this will be above an average or above average year, come on. sure we'll be up against easier comparisons because last year's

numbers were ugly but i can't think of any people that believe 2023 will be an above average earnings year. the federal research is still on the warpath. they won't tighten as aggressively but will keep hitting the brakes and we saw that from the meeting notes that came out we had the minutes at 2:00 and it looked just like that once again, these analyst estimates are hopelessly out of sync with the doom and gloom how the fed is pushing us into recession. i don't totally agree but it's pretty clear business has to get worse before better. the bear has a big nod from the fed today where the minutes inl ka -- indicated they don't want stocks to rally something i've been saying for ages the fed wants you to feel poorer, not richer it means lower consumer spending which is what theiry're aiming for. i expect them to slash estimates for 2023 when we start seeing fourth quarter results, that will be the perfect excuse they always like to look for a

news pay when they cut numbers because it allows them to pretend they're reacting to recent developments rather than correcting a long held mistake how they felt about a company and stock. the analysts will get all the justification they need because they will be conservative with the full year forecast they don't want to over promise this point they have been burned too many times. once we get hit with the next wave of estimates, we get a tremendous buying opportunity because when the numbers will come down enough i actually wouldn't be surprised if analysts turned out to be right and the s&p 500 sees 13% earnings growth this year because my feeling is the recession worries are over done but even if that's the case, it's going to be an upside surprise later in the year first, though, the estimates need to come down to reflect what i'm betting will be cautious guidance. let me give you the bottom line. once earnings season rolls around, the forecast for economic stocks including techs will look grim and analysts will be forced to slash the estimates while finally taking the price

targets down to reasonable levels that's when the numbers will have come down enough and the companies will be able to beat the numbers and that's when it's truly safe to do some buying sarah in nebraska, sarah >> caller: hi, jim. >> sarah, how are you? >> caller: good. i love your show and you have a big fan base. >> thank you oh, thank you, sarah need that. these days are hard. what's going on? >> caller: i was wondering about corteva? sell or hold or buy caterpillar. >> you're in good shape. i like corteva it's a good stock to own the analysts will slash estimates with the stocks. and that's when the numbers will come down enough much more "mad money" ahead last year was a tough one for the averages and are there buying

opportunities with the s&p 500 i'm giving you a hand full of stocks and the charts with a former spac to see the trading a $5 million why is this pattern for the stock working? i'll give you my take in the calls rapid fire in tonight's edition of the lightning round is stay with cramer.

here we are again making predictions. this time we're looking at the worst of the s&p 500 we know 2022 was a terrible year for stocks but if you want to relive it, then check the incredible bad performers at the bottom of the s&p 500.

the 25 worst of the good riddance year of 2022. i felt like i was dumpster diving when i went through these stocks looking for comeback stories but i got five of them five incredibly fallen angels. the only question is are they finished falling that i don't know but done a lot of work on these let's go over them starting with netflix they got a huge boost from covid and on the production side. we had a real shortage of good new content for a long stretch on netflix and they just didn't talk about it but now they're back in business rolling out terrific programming rele relentlessly i feel the same way about amazon prime, that's not large enough to move the needle for amazon as a whole. i believe netflix turned itself around because they were so confident on the last conference call for almost two years, even when ""squid game" took the worl by storm, the stock is not

cheap. they want to find improving franchises and that's netflix to the tee. see, i can't wait until the next call so i know what to bing on next i got two real losers and you'll be shocked when i say these two. you'll say cramer lost his mind. this one, stanley black and decker the second two copies with iconic brands that seen the stocks crushed by 2023. i know you don't want to own stanley black and decker but people sold the stock here if you sell it here, you can't be as worried about a recession down here, can you no i like it down here because when the fed stops slamming the brakes on the economy, stanley black and decker will be there with even less competition than now. they really dropped the ball in logistics last year and that was bad but i don't think that will

matter still, if you like this one, i put on a small position here and then gradually buy more on the way down, no hurry the stock has a great deal of negativity, could it get any worse play and sometimes that's a risky bet. strange, the housing stocks are trading well can swk be that far behind them? same goes for vf corp. i can't see this apparel type repeating its horrendous performance from last year that's a nightmare that's almost never can be repeated. they put in a new interim ceo who is coming off an increkincry successful win he's a great brand manager think about vans, north face, timber land, dickies among others unfortunately, they spent too much time and money on one of them, vans not knowing how faddish that footwear market can be

vans was the mainstay and didn't think it could totally stall out. they wouldn't have spun off the interim business as the brands interesting stock. at least denim is consistent unlike stanley black and decker that's a bet on the brand, my experience with them is he takes the best brands and puts money behind them and encouraging innovation to a point shareholders get compensated tremendously by the way, you know the brands get compensated and vf needs to specialize in trying to get the most out of its brands how can i have any faith after the missteps? simple, vf corp never spoiled the brands itself. 7% yield is screaming you need to brace yourself for a dividend cut before you buy it. there are always people who own stocks like this for income and dump it in a heart beat when that payout comes down they can't handle the apparel glut no problem with him. he also has the freedom to cut

the dividend because it sure wasn't his idea. can handle the dividend and cut the dividend because he can handle the glut. that's what matters. next, i want to put -- this is always tough for me to talk about. m meta platforms i'm gungho for this one. we bought at a fraction and sold a big chunk higher very proud of that but kept on the rest of the position just in case no pride there just in case of what after endless quarters of negative cash flow, you know what why hold on to any of it well, listen, even though and they would argue there is something to be said and wasting that cash from the metaverse they don't mind hanging around for a big payoff down the line assuming that exists, though to me, though, the metaverse seems like a fascination that

isn't that fascinating pretty damming personally, i like the experience remember, i'm a baby boomer. i'm not the key demographic. try to get your kids try to get my kids involved in this, to most people under 40 the metaverse is a joke. what is that thing a view master. you can imagine how it might work in theory, say a metaverse wall where you can scan your body, try on clothes digitally seems so far from reality it's inconceivable. i don't know how they can make money. in 2023 i think the metaverse goes commercial or it just goes. the ladder seems more likely that happens by the way it could be swung elsewhere and the cash flow would be negative to go to the wildly positive.

cash flow negative this has been a disaster at least meta has an option. going back to the prenixon days and we see china as a true adversary. we can't trust the chinese on tiktok knock off if they divert the metaverse budget to reels, holy cow the stock would sore they seem to gamble on it, notice the word, it is a gamble, not like the next pick and my final pick amd wow. the stock of amd fell. it's an extraordinary decline after an amazing run amd has gone from having a super

premium price multiple to having a regular one right here that's all it is it's gone from being the bell of the semi conductor ball to just another beaten up stock. and yet, during this period the underlying business has actually got better and a multi year road map that is on that road map with perfection. unfortunately, it ran into the mother of all gluts and that's just a sign. it's so ugly we have high team declines that's extraordinary and architects with their own destruction makes pcs better could amd be saved by gaming we're tired of hearing it's growth mode and the industry over earned and it's going back to normal but by the way, opening china takes two to move up today i like that. so why even bother with amd down here because ceo lisa sue, lisa sue is a winner. right? she's got a losing hand but she can augment with your play cards, she can augment that hand she'll come back better than ever and i bet it happens in

2023, maybe not early but later. hey, plus, remember the acquisition of zilinks bottom line, looking at the worst performers of the s&p i think that netflix, stanley black and decker, vf corp, meta, and amd can turn things around in time to make money for you in 2023 "mad money" is back after the break. >> announcer: coming up, cramer wants to hear from you your calls on lightning round, next get refunds.com powered by innovation refunds can help your business get a payroll tax refund, even if you got ppp

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the lightening round, play this sound, and then the lightning round is over. are you ready, ski daddy time for the lightning round start with frank in new york, frank. >> caller: hey, jim. most of all, thanks for your integrity, jim i'm itching to get back to a stock that i think is the rock and i think they got great people black stone, bx. >> i couldn't agree more i think when we saw jonathan the other day on squawk on the street, i felt the same way. i say pull the trigger let's go to abby in wisconsin, abby >> caller: hey, jim, i was wondering if you could give your thoughts on bl. >> so this is the precisely the kind of -- what i regard as

somewhat dangerous stock that's enterprise software that's losing money those are the ones i'm trying to get people to stay away from so i'm sorry, i don't have anything good to say about blackline. brenda in north carolina, brenda >> caller: good evening, jim. >> hi, brenda, what's up >> caller: well, as a long-time viewer of "mad money" i'm thinking you're an expert opinion on whether purchasing pll -- >> much too danger rouls for you, much too dangerous, way too speculative. a hard pass. joe in new jersey, joe >> caller: he low, cramer. thank you for taking my call. >> my pleasure >> caller: with the diabetes drug o, o, o, ozempic in short supply is novo a buy

>> this is tough the stock has run big. switch to eli lilly that compiles by joining along with the cnbc investing club. it's cheaper but you got a good one in that. let's go to jamie in florida, jamie? >> caller: boo-yah, jim. appreciate you taking my call, boss. >> thank you, thank you. what's up? >> caller: question is for ticker symbol be bloom energy. >> 2022 was the apex of these companies that are involved with hydrogen, with fuel cells, they're not working, they're too expensive. i want you to avoid bloom energy andy in new york. >> caller: hi, jim, happy new year. >> same to you, andy, what's happening? >> caller: i would like your opinion on or -- >> this thing has had a way too big of a move. i cannot get behind it it's too speculative for this.

that, ladies and gentlemen, is the conclusion of the lightning round. >> announcer: the lightning round is sponsored by td ameritrade coming up, does one cautionary tale spell the end of the spac era? cramer cries good rid driddance next

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this 35-year-old former era that has to end before people lose moremoney in this wall street foolishness the scc charged the former cfo a aqua session back when spacs were blooming, they helped raise $414 million for virtual blank check company like all spacs that was put in trust. they didn't have access to the money but did have access to the

african gold acquisition operating account with $1.5 million intended to fund efforts to identify and acquire a company in the gold mining industry end quote as cfo, he can make withdrawals from the account and did he ever, 34 of them below the $50,000 threshold that would have triggered a review by a board member it was the ideal scam. they falsified the monthly operating bank account and deleted all references to the unauthorized withdrawals erasing 1.15 -- $1.15 million in capital meant to find the right properties, which remember, was the entire reason for thespacs existence. at the end of the fourth quarter in 2021 african gold was supposed to have millions and had a negative balance of $5,000 and what did he do with the stolen money obviously, you can't guess you know what he did

scc says he used it to trade options contracts on what? meme stocks. his personal account of course only with the finest blue chip stocks, amc and clover health the scc goes on his trading strategy was not successful. he quickly lost all the stolen funds he invested. yeah, everything he embezzled. what does a corrupt spac operator do after he's looted and lost everything he can simple, all spac operators do. he raises more money in another spac in fact, he created two of them. strategic maetals corp one and two and he raised $4.7 million and used the cash to cover the inniche theft and covered a lot of personal expenses other than that, he lost the rest of the money trading you guessed it, crypto embezzlement to meme stocks like three ponzi screhemes and a treh

coat and ran out of money for african gold and strategic medals african gold fired him strategic medals corp one and two fortunately never got to come public but now, i want you to think about this, people willingly gave more than $400 million to some outfit with a clown cfo that looted the darn thing to buy meme stocks and he was about to raise two more spacs but lost the initial money through trading crypto come on. the good news, because of the way spacs work, the people that bought african gold when it came public will get their money back the i prkpo proceeds are trust. the bad news, we're looking at a snapshot of everything that went wrong over the past few years, easy money given to a clown and gambled away on mem ex eremmeme crypto currency. it's too on the nose in the end, african gold explains a lot about that era. too much money chasing too many ideas with no regulation

whatsoever what i fear is there will be more african golds but fortunately, this year is finally winding down and the next cooper may not get his chance to take your money and put it in meme stocks and cryptos. there is always a bull market somewhere and i promise to final it here on "mad money. i'm jim cramer see ya tomorrow if they hear a great idea, they'll invest their own money or fight each other for a deal. this is "shark tank." ♪♪ and i'm tanecia. (all) and we're from hampton, virginia. (lakesha) we're basically sisters. we're best friends attached at the hip. looks like we're ready. we've been event planners for over ten years. we were looking for something simple and versatile that we could add to recipes that would give our events a unique taste. so good. i think this is gonna be the best batch ever.