CNBC’s Jim Cramer went on an epic rant last night about Facebook director, and early investor, Peter Thiel’s decision to dump the majority of his stake in the company.
It’s embedded below, and worth a watch. Cramer starts off by saying he doesn’t think that was Thiel did was illegal. And that, “Personally I like Thiel, terrific guy, inventive.”
But… “The fact that something’s legal, doesn’t mean its fine.”
Cramer says, “I find the sale completely outrageous in light of the seemingly endless decline of Facebook’s stock. Call me naive, but I had hoped the insiders would actually be buying stock as a way to show faith in the underlying company and its longer term growth.”
He continued, “In light of all the money Thiel’s made over the years, it just seems tawdry to me that he’s cashing out here. Almost like he’s telling people, ‘Hey, I said all along this is not something worth holding on to, and I’m not going to cut my pre-arranged sale just because the stock’s been cut in half.’
To me Thiel’s sale is saying, ‘Hey all you chumps who bought Facebook, listen up, I am an actual responsible investor, I am a megatron gazillionaire, who knows more than you and I know better than to own this bedraggled merchandise that lacks a mobile strategy whose better days are now past!'”
Cramer thinks Thiel should have at the very least cancelled his program to sell the stock. And Zuckerberg, or any of the adults at Facebook should have reached out to Thiel and told him to hold of on his sale, because the timing is just too embarrassing.
“Anything’s better than what transpired here,” says Cramer.