Ex-Overstock CEO, Patrick Byrne, has liquidated his $90 million stake in the company in order to fund investments in bullion and cryptocurrency. According to Bloomberg, Byrne did this to “battle the deep state” that he reportedly helped in an investigation against a Russian activist who is currently in prison for attempting to influence United States Policy, September 19, 2019.
The Curious Case of Patrick Byrne
In the last few weeks, the story of what has happened to Overstock is something straight out of a fantasy novel.
CEO Patrick Byrne resigned after admitting that he was asked by American authorities to seduce a Russian spy who they suspected of attempting to manipulate government policy.
Byrne feared that the government would come after him through the SEC by attacking Overstock. Now that he is no longer an executive, board member, or shareholder, there is no reason – in his opinion – for the government to come after Overstock.
The past week has been rough for the company, with the stock price taking a tumultuous turn for the worse. After a 40 percent weekly candle to the downside, investors in the company have been spooked by this entire escapade.
Byrne wrote a letter to his acquaintances at the company, reassuring them that he is fully committed to Overstock’s future. He detailed how he has invested in assets that will soar if the economy depresses, and promised to provide the company with financial support if required in the future.
Deep State Allegations
The current scenario at Overstock is quite frankly one of the most bizarre incidents of 2019. Patrick Byrne’s reasoning for moving his wealth into assets that cannot be confiscated has stunned many in the space.
As if this industry wasn’t already riddled with problems, we now have state fuelled conspiracy theories in the mix.
The SEC declined to comment on the matter and it is unlikely that Byrne would resign from the company he built unless there was a legitimate reason. If the deep state is actually after Byrne, there is almost no way for them to censor his wealth if it’s in Bitcoin and other decentralized protocols.