Former Overstock CEO Patrick Byrne has bought his 13% stake in the agency for $90 million to maneuver to gold and crypto buying and selling.
Byrne sells his complete Overstock stake in three days
Byrne, who resigned from Overstock on Aug. 22, cashed out practically four.eight million Overstock (OSTK) shares, which accounts for greater than 13% of the firm, American monetary publication MarketWatch reported on Sept. 19.
According to a filing with the United States Securities and Exchange Commission (SEC), the former Overstock CEO was promoting his shares at decrease and decrease costs over the previous three days, starting from $21.84 on Sept. 16 to $16.32 on Sept. 18.
“Counter-cyclical to the economy”
Following the submitting, Byrne printed a public letter titled “A Message to My Former Colleagues at Overstock” on Sept. 18, in which he revealed his plans to cease buying and selling anything besides the three belongings which might be “counter-cyclical to the economy,” together with gold, silver and “two flavors of crypto.”
In the weblog submit, Byrne defined his option to commerce gold and silver as a result of they’re saved exterior of the U.S., whereas will probably be protected for him to have the belongings saved in Switzerland and another areas which might be out of attain of the “Deep State.” Concerning crypto, Byrne wrote:
“The crypto is stored in the place where all crypto is stored: in mathematical mist, behind long keys held only in the memory of someone who is quite good at storing such things in memory.”
20% drop in OSTK
Meanwhile, Overstock noticed its shares hitting a 52-week excessive final week amid the upcoming particular dividend deliberate for subsequent week, in accordance with MarketWatch. However, Byrne’s cashing out precipitated a notable slip of OSTK shares, which reportedly dropped 21% on Sept. 16, 11% on Sept. 17 and eight% on Wednesday. At press time, OSTK is down three.5%, buying and selling at $15.6.
Recently, Overstock’s interim CEO urged that Byrne’s exit from the firm has nothing to do with the allegedly ongoing regulatory investigation by the SEC, which was first revealed in December 2017. Still, Byrne’s transfer seems to have affected Overstock as one in every of the key company traders in Overstock’s blockchain subsidiary tZERO backed out from the funding 4 days after Byrne introduced his resignation.