A lot of social media accounts have made comments during a several-day-long backlash over the new logo at Cracker Barrel.

But among the loudest has been Steak n Shake. In seven different posts on the social media site X, Steak n Shake criticized not just the rebrand, but the CEO and the company's board, twice calling for the ouster of CEO Julie Felss Masino. During those days, Steak n Shake posted nothing about what's actually happening at its own brand.

The problem? Steak n Shake is owned by Biglari Holdings, whose chairman has been an activist investor with Cracker Barrel since 2011, trying and failing several times to gain board seats.

Though Biglari has sold off much of the company's holdings in recent years, he remains a substantial shareholder, with 4.7% of Cracker Barrel stock, according to federal securities filings. He also maintains a website, enhancecrackerbarrel.com.

Steak n Shake's posts took on a decidedly activist tone, suggesting perhaps that its chairman isn't done with Cracker Barrel. "When the board does not know the brand, like the brand, or respect the brand, they hire the wrong CEO who focuses on all the wrong things."

Multiple posts called for Masino's ouster, including this one mocking the logo.<

And then there's this one criticizing the company for not dealing with "service, portion size, product quality and price," then ending it with "Save Cracker Barrel."

He invested in Cracker Barrel three years later and lost an effort to gain seats on that board. Over the years he has made several other attempts to gain board seats, most recently in 2024.

The social media backlash emerged after Cracker Barrel quietly revealed a pared-down logo, eliminating Herschel, the man sitting next to a barrel to the left of the company's name. It now says simply "Cracker Barrel," though the writing is in black, rather than maroon.

It was fueled largely by conservative activists, who have been putting pressure on the chain over DEI policies.

The backlash led to a 13% decline in the company's stock price, wiping out most of the stock's gains for the year. But it is still 20% higher than it was on Nov. 13, the day that Biglari wrote in a letter to Cracker Barrel shareholders that "there is a significant risk of a 50% loss or more if we are not elected to the board."