Overstock Loses 21 Percent of Market Value as Crypto Craze Fades
Photographer: Cayce Clifford/Bloomberg
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Overstock.com Inc. shares have forfeited almost 50 percent of their value this year, and nearly half of that plunge occurred in the last two days.
The stock has plummeted 21 percent so far this week, a reversal from Friday’s surge, which came after the online retailer touted investments in its blockchain business. Overstock said late Thursday that it had raised $134 million in its crypto-coin offering and may rake in more than double that from a Hong Kong-based private-equity firm.