Cramer Thinks Snapchat Is A 'Winner,' Has Changed His Mind On CEO Evan Spiegel

CNBC's Mad Money anchor Jim Cramer said on Tuesday he now believes Snapchat parent Snap Inc SNAP is a winner under co-founder and CEO Evan Spiegel.

What Happened:  Cramer said on CNBC's "Mad Money Lightning Round" that he was wrong in his judgment when he dubbed Spiegel as too “Hollywood.”

“He was on the right side of the tracks. He’s gotten it together,” Cramer replied to a caller on his show.

Snap shares have risen 130% since the company went public in March 2017. Spiegel, whose net worth is estimated to be about $12 billion as per Forbes, has found success with Snapchat. The Stanford alma mater married Australian supermodel Miranda Kerr two months after the company went public.

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Why It Matters: The COVID-19 pandemic has proved to be a boon for Snap’s business. While other companies were dealing with economic shutdowns, people around the world who were sheltering in place took to social media for entertainment and social interactions.

At the beginning of 2020, Snap shares were trading at around $16.62. By the end of May, Snap shares were back at new 52-week highs near $20, and the stock got as high as $26.76 in July prior to an extended consolidation period. In October, Snap shares jumped more than 30% to new all-time highs after the company reported blowout subscriber growth in the third quarter.

Price Action: Snap shares closed 2.03% lower at $62.28 on Tuesday.

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