Overstock founder Patrick Byrne sells 5 million shares in favor of cryptocurrencies and gold
|- Byrne pocketed approximately $90 million in the sale of 5 million shares.
- The founder of Overstock will invest in securities that are “counter-cyclical to the economy” including gold and crypto.
The founder and former CEO of the giant e-commerce platform Overstock is reported to have put all his holdings in the company up for sale. According to Bloomberg, Patrick Byrne is ready to go all in on gold and cryptocurrency with funds from the sale.
About 5 million shares have been cashed out for approximately $90 million as per a regulatory filing on Wednesday. Interestingly the sale commenced earlier in the week following a 65% rally of the stock. This was the biggest move since September 13, 2018.
He later sent a message to his Colleagues on Wednesday saying that he was planning to channel the proceeds of the sale in securities that are “counter-cyclical to the economy” ranging from gold, silver and a two cryptocurrencies by Friday this week. He, however added that he was ready to offer a “capital injection if needed by buying back into Overstock.”
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