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.