Patrick Byrne sells Overstock Stake! Patrick Byrne sells Overstock stake in favor of cryptocurrency and precious metals. His stake in the company is 13%.
In a blog post at his DeepCapture.com, Byrne said that, by the end of the week, he will have reinvested all of the proceeds into “investments that are counter-cyclical to the economy.”
“Gold, silver and two flavors of crypto,” he wrote.
Byrne has long been a proponent of cryptocurrency – Overstock was one of the first companies to accept crypto payments, launched the tZERO security token trading platform, and acquired the company behind RavenCoin. Byrne was a visionary and a progressive when it came to technology, but it was too much for his company when calls for his resignation came to fruition last month.
One of the final things he did, a Crypto dividend that was approved in July at Overstock, lifted Overstock’s share price to a year high last week. Shares fell by half when his plan was announced.
He disclosed that he had sold 4.7 million Overstock shares worth $90 million. The price fell from $29.38 to $15.65.
Byrne’s blog post outlining what he had done followed a statement from Overstock which announced the halt of the Crypto dividend policy.
Byrne said that he would buy Overstock shares again if the company bottoms out in the coming economic crash. He said that his decision to move his assets into Crypto would grow under those same conditions.
“You will have a friend who has sunk (almost) his entire fortune into investments that will soar if a crisis occurs.”
In the meantime, he said his net worth and “ammo” would be more secure on the blockchain, far from the reach of his enemies.
“The crypto is stored in the place where all crypto is stored: in mathematical mist, behind long keys held only in the memory of someone who is quite good at storing such things in memory (with paper backups in the hands of a priest I met 35 years ago who never sits [sic] foot in the West).”
“The other thing accomplished by the investment moves I described above is that my ammunition gets moved outside acts of retaliation from the Deep State. That is important because, in fact, I am now going to shellac them. Actually, ‘shellac’ is too weak a word for what I intend to do to the Deep State. Sit back and enjoy the show.”
What do you think? Is Overstock headed in the right direction? Or will they fail without the innovation of their previous leader, Byrne? Let us know what you think on our Facebook Page!
