The online business news site announced today that Mad Money host Jim Cramer, who helped found the site, and CEO Tom Clarke, plan to exercise options to purchase stock in the company and sell those shares. Cramer will give his shares to a foundation.
The web site states, “In addition, Cramer intends to donate 100,000 shares of TheStreet.com stock to the James J. and Karen L. Cramer Family Foundation, Inc., which in turn plans to donate the proceeds from the sale of the shares to The Connection For Women and Families, a charitable organization in Summit, N.J. Cramer owns, directly or indirectly, an additional 3,748,451 shares.”
Cramer has options to purchase another 540,000 shares.
In case you were wondering, the stock is around $8/share, a far cry from its post-IPO days, when it was above $60 a share, but still better than the value of less than $2 that it fell to in 2001.