- Activist Cannell Capital has disclosed a 3.1M-share (8.95%) stake in TheStreet (NASDAQ:TST), and issued an open letter blasting Jim Cramer for hosting a CNBC show while simultaneously serving as "a director, major shareholder and employee of TST."
- Cannell: "From May 1999 to December 2013, you have extracted more than $14 million in cash payouts from TST, excluding millions more paid out as stock options ... Despite the long decline of TST's share price your compensation continues to trend higher ... Once a $70 stock, TST is now $2.20. You have done well, but how has the common shareholder done?"
- The firm calls on Cramer to either put TheStreet on sale, or to "resign from CNBC and align your considerable energy and talents to helping your fellow shareholders crawl back from Hades." It also urges the Mad Money host to cut his compensation by 70%.
- TheStreet has spiked higher following Cannell's filing.