Eric Jackson: Yahoo Is 'Partying Like Its 1999' While Its Core Business Is Undergoing A 'Stomach-Churning Nose Dive'

Eric Jackson is the managing director of SpringOwl Asset Management, a hedge fund that holds a stake in

Jackson recently released a 99 page presentation outlining his plan to cut Yahoo's workforce by 75 percent and replace its CEO Marissa Mayer with a more operations-focused CEO. Meanwhile, Jackson added his personal thoughts on Yahoo in a blog post on

. Jackson cited Yahoo's out of control spending as a reason why the stock is lower by 35 percent in 2015. As an example, the company spends $108 million annually on free food for its employees. Another example is Yahoo's holiday party which cost an estimated $7 million to throw. "There seemed to be an eerie tone-deafness to [the] whole affair," Jackson wrote. "Employees lining up to have their holiday photos taken next to the CEO? Partying like its 1999, despite the core business having pitched into a stomach-churning nose dive? And for shareholders to take it in while realizing they were paying for it all was hard to process." Jackson also expressed disappointment that Mayer "has never personally dug into her own pocket" to buy Yahoo's stock but has sold $26 million worth of stock during her tenure. Shares of Yahoo were little affected by Jackson's blog and were trading higher by 1.53 percent at $33.47 late Tuesday morning.