Overstock Founder Dumps His Stake for Gold, Crypto Assets
- Patrick Byrne sells 5 million shares for about $90 million
- Sale came after 65% rally took the stock to an 11-month high
Patrick M. Byrne at an Overstock warehouse
Photographer: George Frey/BloombergThis article is for subscribers only.
Patrick Byrne, the eccentric former chief executive officer of Overstock.com Inc., sold his entire holdings in the company he founded and said he would park the proceeds in gold and cryptocurrency.
Byrne cashed out nearly 5 million shares for about $90 million, according to a regulatory filing late Wednesday. The sales started Monday after a 65% surge took the stock to the highest in almost a year last on Sept. 13. The stock plunged 20% that day and is down 35% so far this week. Shares fell as much as 8.9%.