Billionaire investor Peter Thiel’s sale of a majority of his Facebook stock was “completely outrageous,” “Mad Money” host Jim Cramer said Tuesday.
Cramer blasted Thiel, a member of Facebook’s board of directors, for unloading about 20 million shares on Thursday, with about 5 million shares remaining in his portfolio. (Read More: Don’t Read Too Much Into Peter Thiel’s Facebook Selling)
While acknowledging that Thiel had every legal right to sell Facebook stock, which has lost roughly half its value since its IPO, Cramer had harsh words for the move. (Read More: Say Goodnight Peter? Thiel Should Quit Facebook Board: Pro)
“The fact that something’s legal doesn’t mean it’s fine in my eyes,” he said. “In light of all the money Thiel has made over the years, it just seems tawdry to me that he’s cashing out here.”
Cramer added that he had hoped insiders would actually be buying stock “as a way to show faith in the underlying company.”