Overstock’s Former CEO Patrick Byrne Unloads His Entire Stake
Lauren Debter, 19 September 2019
Overstock founder Patrick Byrne, who resigned abruptly as CEO last month, has sold his entire stake in the online retailer.
Byrne unloaded close to 5 million shares, worth about $90 million before taxes, according to a regulatory filing Wednesday evening. Byrne was previously the company’s largest shareholder. Last month, after resigning, he told Forbes that he intended to hold onto his shares, saying he had “great, great enthusiasm for the prospects of the company.”
However, in an open letter published on Wednesday, Byrne said he would be putting the proceeds into gold, silver and cryptocurrencies. He referred to these investments as “countercyclical to the economy.”
