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Facebook has to give up Libra and buy a square, says Jim Cramer



Facebook has to get rid of its cryptoLight project and buy Square, the payment platform run by Twitter CEO Jack Dorsey, who has a market capitalization of $ 34.2 billion and an established battlefield game, said in a statement. Wednesday Kramer. The planned getaway of the social media giant in the digital money market with the announced Libra coin but changed course after seeing Big Tech scoff at antitrust hearings at Capitol Hill. Facebook has to simply abandon the concept, Cramer said. "It is obvious that it does more harm than good," said Mad Money host, addressing the message beyond viewers and the Facebook leadership. "Instead, just take some of your money, you want to get paid, just buy Square [for] $ 70 billion … [and] Burn Square's payment network in the world. In June, Facebook announced Libra is a joint effort between international organizations that have skeptical of officials in Washington, including President Donald Trump and both sides of the path. The crippled was the main focus of the head of the global policy maker Matt Perro, the antitrust panel of the House Judiciary Committee earlier this week.

The hearing, which included executives from Apple, Google, and Amazon, follows: a $ 5 billion fine issued by the Federal Trade Commission on Facebook for privacy issues.

"If [Facebook would] simply brought some undisputable external councilor with real trust … then maybe the government would allow them to regain self-regulation again," Cramer said. He said he is still not worried about the company in part because "because their business Instagram is on fire."

The rest of the technology

Cramer said the risk of Washington's regulation is over all the major technology companies. , which drastically changes the landscape at retail, is in the best form of the group, Cramer said. The ecommerce behemoth, which opens a second headquarters 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 gains victory in settling with German antitrust officials to alter business dealings with merchants using the platform, Kramer said. Amazon's general attorney, Nate Sutton, was his spokesman for Tuesday's Capitol Hill hearings.

"I think these changes will immunize the company, but Amazon knows how to play the game," Cramer said. "Kramer said. With Google's largest search engine and YouTube's popular video platform, the technology company has a major impact on what society sees first in looking for information online.

Google, whose director of economic policy Adam Cohen attended the anti-monopoly hearings, faces charges of bias against rivals and conservatives, which may be a matter of freedom of speech, Kramer said. Outside the Congress panel, Google faces new charges, escalated by President Donald Trump, from technology investor Peter Teal that he has connections with China. "Unless they find a way to calm down the government, someone will always try to break them," the host said. "I think there's a real salary here. The company has to find a way to self-test, rather than cheap artificial intelligence, but expensive people … they lack a powerful, well-known external advisor to tell them what is right or wrong. "

WATCH: Cramer's Talks with Big Tech for Capitol Hill

Disclosure: Cramer's Charity Fund holds shares on Facebook, Amazon, Alphabet, Apple and Microsoft. Do you want to dive deep into the world of Cramer?
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