Overstock’s Patrick Byrne Dramatically Declares Inventory Sale –
Overstock’s former CEO Patrick Byrne, who departed from the corporate on the finish of August, raised extra eyebrows along with his message on promoting his remaining shares within the firm.
Libertarian, Bitcoin-Loving Byrne Hounded by Deep State
Byrne defined that the rationale he shed all his OSTK shares was to hamper the Deep State from harming him, by harming Overstock. Calling the US Securities and Trade Fee (SEC) an organ of the Deep State, Byrne left the corporate for good.
With the post-tax proceeds of the share sale, Byrne introduced investments in silver, gold, and “two flavors of crypto”, with out disclosing which cash he selected.
In his letter to the public, Byrne wrote,
The crypto is saved within the place the place all crypto is saved: in mathematical mist, behind lengthy keys held solely within the reminiscence of somebody who is sort of good at storing such issues in reminiscence (with paper backups within the arms of a priest I met 35 years in the past who by no means sits foot within the West),
Byrne additionally predicts monetary turmoil on this planet economic system, at which level he believes the stash of gold, silver, and crypto cash can be priceless sufficient to purchase again into Overstock.
I’ve to attend six months for it to be authorized, however anytime after March 17, 2020 I can present a capital injection if wanted by shopping for again into Overstock. Please keep in mind that as you watch the worldwide chaos,” wrote Byrne, including that he noticed the US economic system “cratering
Overstock Safety Tokens Lagging
Overstock was one of many retail platforms that sped up cryptocurrency adoption, beginning way back to 2014. Prior to now months, Overstock launched one of many first crypto buying and selling platforms devoted to safety tokens. The tZero market opened with Overstock’s personal safety token, which was additionally launched to retail traders this August.
Nonetheless, the antics of Byrne might have delay traders from shopping for into the token. Moreover, safety tokens have confirmed to be immensely unpopular with each conventional traders and cryptocurrency merchants.
Simply earlier than the announcement, NASDAQ:OSTK had risen to a yearly peak of $26.72 as of September 12. After the sale, OSTK slid to $16.19, following precisely one week of promoting Byrne’s inventory. The sale was for a complete estimate of about $20 million.
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Photographs through Shutterstock