OVERSTOCK Founder DUMPS His Stake for Gold, Crypto Assets
Patrick Byrne, the eccentric former chief executive officer of Overstock.com Inc., sold his entire holdings in the company he founded and said he would park the proceeds in gold and cryptocurrency.
Byrne cashed out nearly 5 million shares for about $90 million, according to a regulatory filing late Wednesday. The sales started Monday after a 65% surge took the stock to the highest in almost a year last on Sept. 13. The stock plunged 20% that day and is down 35% so far this week. Shares fell as much as 8.9%.
In a Wednesday blog post titled “A Message to My Former Colleagues at Overstock,” Byrne, 56, said he planned to plow the proceeds in securities that are “counter-cyclical to the economy,” including gold, silver, and two types of cryptocurrencies by Friday. Byrne also said he would be willing to provide a “capital injection if needed by buying back into Overstock” once he’s legally allowed to do so.