Former Overstock CEO Patrick Byrne has sold his 13% stake in the firm for $90 million to move to gold and crypto trading.
Byrne sells his entire Overstock stake in 3 days
Byrne, who resigned from Overstock on Aug. 22, cashed out nearly 4.8 million Overstock (OSTK) shares, which accounts for more than 13% of the company, American financial publication MarketWatch reported on Sept. 19.
According to a filing with the United States Securities and Exchange Commission (SEC), the former Overstock CEO was selling his shares at lower and lower prices over the past three days, ranging from $21.84 on Sept. 16 to $16.32 on Sept. 18.
“Counter-cyclical to the economy”
Following the filing, Byrne published a public letter titled “A Message to My Former Colleagues at Overstock” on Sept. 18, in which he revealed his plans to stop trading anything else except the three assets that are “counter-cyclical to the economy,” including gold, silver and “two flavors of crypto.”
In the blog post, Byrne explained his choice to trade gold and silver because they are stored outside of the U.S., while it will be safe for him to have the assets stored in Switzerland and some other locations that…
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Author: Helen Partz