Jim Cramer has made a career out of doling out advice to investors and companies. Now, a hedge-fund manager is turning the tables on the TV personality.
Bloomberg News reports that at issue is TheStreet Inc., the financial news company that Cramer co-founded in 1996. With a market value of about $83m, TheStreet is worth just a fraction of what it was worth during the dot-com bubble and - more recently - just before the financial crisis struck.
J. Carlo Cannell, whose hedge fund is the second-largest shareholder in TheStreet, thinks he knows why: Cramer is spending too much time at his other job on CNBC, the business news network where he hosts “Mad Money.”
“You are simultaneously an employee of CNBC and a director, major shareholder and employee of TST,” Cannell wrote in a letter to Cramer yesterday, referring to TheStreet by its stock ticker. “To which entity do you ascribe your greater allegiance?”
To resolve this conflict, Cannell is urging Cramer to do one of two things, either pursue a sale of TheStreet or quit CNBC. The missive was disclosed in an SEC filing yesterday by Cannell Capital LLC.
To access the complete Bloomberg News article hit the link below: