Overstock.com Inc Chief Executive Officer Patrick Byrne on Friday hit out at sha...
- Overstock.com Inc Chief Executive Officer Patrick Byrne on Friday hit out at shareholders who questioned the sale of a portion of his stake in the company, after the online retailer’s shares plunged on Wednesday following the disclosure of his move.Shares of the company, which offers a range of lower-priced luxury goods, fell about 16% on Wednesday after a filing revealed that Byrne, Overstock’s largest shareholder, had sold about 500,000 of his shares, or 9% of his stake.
Byrne, in a letter to shareholders, said people who he had never heard of were demanding answers regarding the timing, reasoning and purpose of the sale. Byrne said that he told shareholders a year ago that he would make “significant sales” of his shares to fund different projects, including blockchain investments and to supplement his nominal salary of $100,000 annually.
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