Tag: Byrne

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Article: Ex-Overstock CEO Patrick Byrne sells stock, doubles down on crypto

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Ex-Overstock CEO Patrick Byrne sells stock, doubles down on crypto

Leo Jakobson, 20 September 2019

Overstock.com’s founder Patrick Byrne ended his connection with the online retailer he built into a giant in much the same way as he ended his tenure as its CEO a month ago: bizarrely.

Since 2014, Byrne poured more than $200 million of Overstock.com’s resources into a venture capital arm, Medici Ventures, with the goal of turning the online retailer into a blockchain powerhouse, Forbes estimates.

Ten days before he stepped down on August 22, Byrne had forced his PR team to post a release on the company’s investor relations page reading, “Overstock.com CEO Comments on Deep State, Withholds Further Comment.” It delved vaguely into the Hillary Clinton/Russia investigation, President Donald Trump, and Senators Marco Rubio and Ted Cruz, as well as a “senior military officer,” and “the Men in Black.” Lurking unmentioned in the background was his affair with a jailed Russian agent. Continue reading “Article: Ex-Overstock CEO Patrick Byrne sells stock, doubles down on crypto”

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Article: Overstock Falls to Support as Former CEO Cashes Out 4.7M Shares

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Overstock Falls to Support as Former CEO Cashes Out 4.7M Shares

JUSTIN KUEPPER, 19 September 2019

Overstock.com, Inc. (OSTK) shares fell to key support levels after former CEO Patrick Byrne disclosed the sale of 4.7 million shares in a Form 4 SEC filing earlier this week. While large insider sales are typically a bearish signal, Byrne noted in a letter that the sale was due to insurance, controversy, and hedging rather than a lack of confidence in the company. Continue reading “Article: Overstock Falls to Support as Former CEO Cashes Out 4.7M Shares”

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Article: Overstock’s controversial former CEO sold his entire $90 million stake to pile into gold and crypto investments (OSTK)

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Overstock’s controversial former CEO sold his entire $90 million stake to pile into gold and crypto investments (OSTK)

Ben Winck, 19 September 2019

Overstock founder and former CEO Patrick Byrne sold nearly 5 million shares totaling roughly $90 million in order to invest in “counter-cyclical” assets like gold and cryptocurrencies.

Byrne plans to make his new investments by Friday. He can also provide “a capital injection if needed by buying back into Overstock” as soon as March 17, 2020, a Wednesday blog post highlighted.

The former executive added that his move into crypto and precious metals allows him to move his capital “outside acts of retaliation from the Deep State.” Continue reading “Article: Overstock’s controversial former CEO sold his entire $90 million stake to pile into gold and crypto investments (OSTK)”

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Article: Overstock’s Former CEO Patrick Byrne Unloads His Entire Stake

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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.” Continue reading “Article: Overstock’s Former CEO Patrick Byrne Unloads His Entire Stake”

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Article: Overstock’s Patrick Byrne: the rise and fall of a blockchain pioneer

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Overstock’s Patrick Byrne: the rise and fall of a blockchain pioneer

Scott Thompson, 25 August 2019

Patrick Byrne this week resigned as CEO of US online retailer Overstock. The move closely followed the announcement of disappointing Q2 2019 financial results.

In a letter, he said it was impossible to continue due to distraction and fallout related to his involvement in a Federal Bureau of Investigation Russian espionage probe. Continue reading “Article: Overstock’s Patrick Byrne: the rise and fall of a blockchain pioneer”

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Article: Remarkable Admission from Overstock.com CEO

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Remarkable Admission from Overstock.com CEO

Kathleen Mary Willis, 23 August 2019

Overstock.com, Inc. (NASDAQ:OSTK) CEO Patrick M. Byrne has released the following statement:

“Sara Carter has published two articles relating the following claims of mine:

Starting in 2015 I (operating under the belief that I was helping legitimate law-enforcement efforts) assisted in what are now known as the ‘Clinton Investigation’ and the ‘Russian Investigation’ (in fact, I am the notorious ‘missing Chapter 1’ of the Russian investigation). It was the third time in my life I helped the Men in Black: the first was when my friend Brian Williams was murdered, and the second was when I helped the M.I.B. shake up Wall Street a decade ago. Unfortunately, this third time turned out to be less about law enforcement and more about political espionage conducted against Hillary Clinton and Donald Trump (and to a lesser degree, Marco Rubio and Ted Cruz). Continue reading “Article: Remarkable Admission from Overstock.com CEO”

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Article: Patrick Byrne Goes on Fox News Making Serious Allegations Against Former Obama Administration Officials

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Patrick Byrne Goes on Fox News Making Serious Allegations Against Former Obama Administration Officials

JD Alois, 22 August 2019

Former Overstock (NASDAQ:OSTK) CEO Patrick Byrne was visiting with the studios of Fox News today following his abrupt resignation earlier today from the company he founded.

Byrne is widely recognized as a pioneer in the blockchain sector having launched several companies, including tZero, targeting the issuance of digital assets/security tokens.

Byrne, interviewed on The Story with Martha MacCallum, went on the air making serious allegations against former Obama Administration officials. The entire proceedings were shocking.

Byrne explained that he has been troubled by the chain of events and he recently spoke to long-time family friend Warren Buffett for advice – who told him to come forward. Continue reading “Article: Patrick Byrne Goes on Fox News Making Serious Allegations Against Former Obama Administration Officials”

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Article: Breckenridge family to cycle across Massachusetts this weekend in Pan-Mass Challenge cancer fundraiser

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Breckenridge family to cycle across Massachusetts this weekend in Pan-Mass Challenge cancer fundraiser

Antonio Olivero, 03 August 2019

FRISCO — This weekend, a trio of Breckenridge locals will join a group of three dozen Colorado residents cycling across Massachusetts to raise millions for cancer research.

Thirty-six Colorado riders — including Kaitlynn, Lisa and Meghan Sockett, of Breckenridge — will join more than 6,700 riders Saturday and Sunday to pedal the 192 miles of the 40th annual Pan-Mass Challenge with an overall goal of raising $60 million for cancer research and patient care at the Dana-Farber Cancer Institute in Boston. Continue reading “Article: Breckenridge family to cycle across Massachusetts this weekend in Pan-Mass Challenge cancer fundraiser”

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Article: World’s Most Successful Athletic Fundraiser Pan-Mass Challenge Celebrates Milestone 40th Ride

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World’s Most Successful Athletic Fundraiser Pan-Mass Challenge Celebrates Milestone 40th Ride

PRNewswire, 03 August 2019

Today, the Pan-Mass Challenge (PMC) embarked on its 40th ride, with more than 6,700 cyclists from 43 states and 12 countries committing to pedal various distances across Massachusetts throughout the weekend. These cyclists are coming together with the common goal of raising an unprecedented $60 million – $4 million more than last year’s gift – for cancer research and patient care at Dana-Farber Cancer Institute (Dana-Farber). If achieved, Overstock.com CEO and PMC rider, Patrick Byrne, has pledged an additional $1 million donation to the cause, bringing the organization’s 40-year contribution to more than $715 million. The PMC, which raises more money for charity than any other single athletic event, donates 100 percent of every rider-raised dollar directly to Dana-Farber as its largest single contributor, accounting for more than 54 percent of the annual revenue of its Jimmy Fund. Continue reading “Article: World’s Most Successful Athletic Fundraiser Pan-Mass Challenge Celebrates Milestone 40th Ride”

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Article: PMC Increases Goal to $60 Million with $1 Million Challenge from Patrick Byrne

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PMC Increases Goal to $60 Million with $1 Million Challenge from Patrick Byrne

Pan-Mass Challenge, 13 May 2019

After 20 years away, Patrick Byrne returned to the Heavy Hitter stage Friday night and did what he does best: he raised the ante. At the close of his comments to 700 Heavy Hitters assembled at the InterContinental Boston, Byrne declared that if the PMC raises $60 million – $2 million more than the posted $58 million goal – he would kick in an additional $1 million! The crowd voted “yes” with their applause. Continue reading “Article: PMC Increases Goal to $60 Million with $1 Million Challenge from Patrick Byrne”

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Article: Overstock founder Patrick Byrne pitches radical transformation of government services via blockchain

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Overstock founder Patrick Byrne pitches radical transformation of government services via blockchain

Aaron Hankin, 12 February 2019

Even Venezuela can easily be fixed, Byrne claims: ‘We could step into Venezuela with six laptops and create not only a functioning society but arguably one with the most advanced government systems in the world’ Continue reading “Article: Overstock founder Patrick Byrne pitches radical transformation of government services via blockchain”

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Article: Overstock CEO Patrick Byrne Is An Innovator And Survivor – Utah Business

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Overstock CEO Patrick Byrne Is An Innovator And Survivor – Utah Business

windowswear, 02 January 2019

Patrick Byrne, the CEO of Overstock is known as two things: innovator and survivor. Over the course of his life, Mr. Byrne has beaten cancer three times, hepatitis twice, and endured over 100 surgeries and medical procedures. From this, he draws inspiration.

“Life is short,” said Mr. Byrne in a recent interview with Silicon Slopes. “Samuel Johnson says, ‘When you tell a man he’s to be hung in a fortnight, it tends to focus his mind tremendously.’ Well, I’ve been very focused on getting some things done and it has lasted about 30 years. It’s probably the best thing that ever happened to me. If I hadn’t gotten cancer I probably would’ve been a lifeguard somewhere and not nearly as driven.”

Alongside this constant battle, Mr. Byrne has grown into one of Utah’s most notable innovators. In 1999, he launched Overstock.com to corner an emerging market: discount goods sold via the internet. Continue reading “Article: Overstock CEO Patrick Byrne Is An Innovator And Survivor – Utah Business”

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Article: Overstock’s Founder Bets on Blockchain, Not Bedsheets

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Overstock’s Founder Bets on Blockchain, Not Bedsheets

Paul Vigna, 23 November 2018

In August 2015, Overstock.com Inc. Chief Executive Patrick Byrne rented out Nasdaq Inc.’s Times Square broadcast studio for a lavish party to unveil his newest project, a blockchain-based trading system called tZero.

Three years later, tZero still hasn’t launched commercially, and it is burning through millions of dollars a month. Yet Mr. Byrne is staking his company’s future on it and more than a dozen other blockchain startups. Continue reading “Article: Overstock’s Founder Bets on Blockchain, Not Bedsheets”

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