TL;DR: Former Overstock CEO Patrick Byrne reappeared online, posting a letter to his previous colleagues. Last month, he suddenly resigned shrouded in mystery and a few frazzled, emotional television appearances. This time around, Byrne explained why he recently sold his remaining stake in the company to the tune of $90 million, assuring he has good reason to divest.
Former Overstock CEO Cashes Out
At press revelations Byrne sold all 13% of his shares in Overstock, the former CEO explained, “The riff-raff will tell you that my departure and sale were from a lack of confidence in what I left behind in Peace Coliseum: they are wrong, and I would like to tell you all the actual reasons before the yuck-yucks spin the truth.”
Nearly a month ago, Byrne resigned due to involvement with a female unregistered Russian lobbyist accused of spying on the United States, Maria Valeryevna Butina. At his departure, he insisted his then-continued “presence may affect and complicate all manner of business relationships, from insurability to strategic discussions regarding our retail business. Thus, while I believe that I did what was necessary for the good of the country, for the good of the firm,” citing counsel from the likes of famed investor Warren Buffett.
Shares actually rose in late August on the news, prompting critics to charge Byrne was attempting to craft a cynical pump of the Overstock price. His recent selling off, however, of nearly 5 million shares dropped the company’s stock double digits, about 20% in mere days. Byrne also stressed in his letter dated yesterday he would avoid traditional markets for now, and instead ground his wealth in areas “counter-cyclical to the economy.” He mentioned gold and silver, and “two flavors of crypto” unnamed as his main choices.
“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,” Byrne hinted. He also again professed ongoing trouble from the “Deep State,” antagonizing both Byrne and his former company. He also expressed a lack of confidence in the US Securities and Exchange Commission investigation of Overstock since 2017, while attempting to assure remaining investors, “I have to wait six months for it to be legal, but anytime after March 17, 2020 I can provide a capital injection if needed by buying back into Overstock” should the global economy crash.
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