Overstock sheds $317 million in value after its CEO releases a bizarre statement about his involvement with the 'Deep State'
The statement said he assisted in federal investigations surrounding the 2016 presidential election.shares plunged this week after CEO Patrick Byrne released a statement Monday saying that he assisted in federal investigations surrounding the 2016 presidential election.
Shares fell by as much as 23% Wednesday, bringing the decline since Monday to 36%. The sell-off shed $317 million of the company's market value — about one-third. The company's statement, in which Byrne"comments on Deep State," referenced two articles published on a little-known news website. Byrne said that he helped law-enforcement officials, who he referred to as"the Men in Black," on three separate occasions. He also said that his decision to come forward with the statement was encouraged by his"Omaha Rabbi" who reminded him of his"duty as a citizen.
"I have fulfilled those citizenship obligations of which my Rabbi reminded me," Byrne said."I will speak no more on the subject. Instead, having lived in places lacking Rule of Law and having witnessed the consequences of its absence, I plan on sitting back and watching the United States Department of Justice re-establish Rule of Law in our country.
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