Patrick Byrne, the former CEO of Overstock who resigned abruptly in August, has dumped his 13 percent stake in the e-commerce company he founded 20 years ago to buy cryptocurrency and precious metals, he announced late yesterday.
In a blog post at his DeepCapture.com, Byrne said that, by the end of the week, he will have reinvested all of the proceeds into “investments that are counter-cyclical to the economy.”
“Gold, silver and two flavors of crypto,” he wrote.
A longtime proponent of cryptocurrency — Overstock was one of the first companies to accept crypto payments, launched the tZERO security token trading platform and acquired the company behind Ravencoin — Byrne was ahead of the curve, but perhaps too much so, as the external pressures against him compelled his resignation from the company last month.
Byrne’s final gambit – a crypto dividend approved in July – worked to lift Overstock’s share price to a 52-week high last week, but the value of the shares fell by half as his plan unraveled.
Yesterday, after the market closed, Byrne filed a statement with the Securities and Exchange Commission (SEC) that he had sold 4.7 million Overstock…
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Author: Danny Nelson