Patrick Byrne, CEO of Overstock, resigns after his comments on the deep state triggered a massive selloff

by



[ad_1]

The peculiar post of Patrick Byrne, Overstock's longtime leader, caused a sharp drop in stock prices last week. The stock price of the company then resumed, and it jumped more than 10% Thursday at the announcement of the Byrne exit.

In a letter published Thursday by Byrne, he said that he was "already too controversial to hold the position of CEO" and had chosen to step down after 20 years so that his presence does not affect the activities of # 39; Overstock.

Byrne had stated in a August 12 press release that he had helped "Clinton's" investigation "and" the FBI's "investigation of Russia," operating with the belief that I'm He also asserted that he "collected the pieces" in mid-2018 and realized that the investigations constituted a "political espionage" against the candidates for the police. the 2016 US presidential election. Byrne said that he had decided to talk to reporters about his involvement this summer after discussing it with his rabbi.

"Communicating publicly about my involvement in other files was not my first choice," writes Byrne in his letter about his resignation. "Now I'm planning to leave things to the highly esteemed Department of Justice (which I've probably already pissed off enough by becoming public) and make them disappear for a while."

The phrase "deep state" is used to suggest that there is a government architecture that operates outside the democratic system. President Donald Trump and his supporters have also used this term to refer to conspiracy theories that insidious actors are trying to undermine his presidency.
The exit of the Overstock store starts again. He wants to go all-in on blockchain

Byrne recently admitted in a series of interviews that he had had an intimate relationship with the alleged Russian agent Maria Butina, which lasted from 2015 to 2018, and ultimately helped the forces of the Order in their investigation.

Prosecutors accused Butina of trying to break into prominent political groups, including the National Rifle Association, to promote Russia's interests. She pleaded guilty to one lesser charge of failing to register as a foreign agent and is currently serving an 18-month jail term.

Byrne publicly revealed details of her relationship with Butina during media interviews last week. He told the New York Times that he hoped to draw attention to what he saw as problems in the way the law enforcement agencies were dealing with Butina's case.

Butina's lawyer, Robert Driscoll, said about Byrne's resignation: "I wish him good luck, I think he's raised questions worthy of investigation, at the risk of compromising." his career, as it became obvious. "

Overstock scheduled a call with investors on Monday to discuss his leadership changes.

Overstock is still a retailer, but he wants to be a chain company.

"We respect and understand the reasons for Patrick's resignation and recognize his major achievement by passing Overstock from a start-up twenty years ago to one of the country's leading online retailers and by positioning at the cutting edge of the blockchain revolution, "said Allison Abraham, president of Overstock. board of directors, said in a statement.

overstock (OSTK) is widely known as an ecommerce site for hanging furniture, home decor and cheap home appliances. But for months, Byrne has been trying to turn Overstock into a blockchain-based business, the technology behind crypto-currencies like bitcoin.

The company still plans to actively pursue blockchain business opportunities. Jonathan Johnson, president of Medici Ventures, a chain of chains owned by Overstock, will assume the role of interim CEO.

"I am convinced that Overstock's future – both in the retail business and in the blockchain – is brilliant," Johnson said in a statement.

Byrne praised his replacement, saying that Johnson "is the exact opposite of me in so many ways" and that "there is no doubt that this could be welcome in some circles ".

CNN's Sara Murray contributed to this report.

[ad_2]

Source link