TECH - Meta's Potential 5% Acquisition In Ray-Ban Maker Applauded By Jim Cramer: Wearable Tech Revolution Is A 'Big Deal' | Benzinga
Meta Platforms Inc. (NASDAQ:META) is set to acquire a 5% stake in Essilorluxottica (OTC:ESLOY), a move that has caught the attention of financial expert Jim Cramer. He believes this deal could be a game-changer for Meta’s future in the wearable tech space.
What Happened: Cramer, host of CNBC’s “Mad Money,” expressed his views on “Squawk Street” on Thursday about the future of Meta Platforms in the wearable tech industry. The company’s stock saw a rise following the news of the potential investment in EssilorLuxottica.
The deal with EssilorLuxottica, the manufacturer of Ray-Ban smart glasses, is seen as a significant development by Cramer. He highlighted the intense production at the company’s Italian factory and the potential for “instant AI” use cases with the smart glasses.