Overstock CEO Sells 10% of Stock, Says He’s Still in the Game
Patrick Byrne, the Chief Executive Officer of Overstock, sold 10% of his shares, which accounts for nearly $15.8 million and later successfully sold shares amounting to $4.9 million on Monday, thereby selling a total amount of almost $20 million. The overall company stock prices fell by 12% according to forms filled by the SEC.
After taking such a drastic step, Byrne in an open letter to the investors, noted that none of the shareholders should be concerned with his decision as he is still very much a member of the game. He further mentioned that he would soon reinvest all sold shares and make a come back with twin co-investments viz. Medici Ventures and Overstock.
Twin Co-investment on Card
Medici Ventures started developing within the Overstock realm in 2014 for utilizing the organization’s funds for investing in several blockchain projects. Bryne later hinted towards the reasons why he sold off his shares. He remarked that the selling of shares was essential to meet tax commitments.
Stating this, Bryne also announced that in the past eighteen years at Overstock, he never had withdrawn his salary and so the selling of his share was comparable to selling a minor portion. However, throughout the last few months, Bryne had started withdrawing his share of salary amounting to nearly $100,000. Bryne is often considered to be an avant-garde of cryptocurrency in business and an early advisor for the Bitcoin and its underlying blockchain concept. It was in 2014 when Overstock attained the first position as the most significant stock company who accepted Bitcoin and traded via Coinbase cryptocurrency exchange platform.