Market Overview

Ex-Overstock CEO Byrne Talks Timing Of Resignation With Fox, 'Political Espionage'

Share:
Ex-Overstock CEO Byrne Talks Timing Of Resignation With Fox, 'Political Espionage'

Former Overstock.com Inc (NASDAQ: OSTK) CEO Patrick Byrne stepped down Thursday after two decades of running the company. His resignation is quite bizarre and includes references to the "deep state" and Clinton family. Hours after his resignation, the executive appeared on Fox Business' "Bulls & Bears" to discuss his decision. 

The Timing

Overstock held a party Tuesday to celebrate its 20th anniversary, and now is a "perfect time" to resign, as everything is in a "perfect place," Byrne told Fox Business.

Most notably, the tZero blockchain business was just voted as a potential winner in the security token space, and the company oversees 22 other leading blockchain assets, the former exec said. 

The core retail business returned to EBITDA profit in the last quarter, Byrne said. In addition, the retail business boasts the most numbers of GAAP profitable years of any B2C e-commerce company, he said. 

The decision to resign is his alone, Byrne said, adding that he is no way being "chased out" by the board or other entities within the company.

'Apparatus Of Washington'

Byrne's resignation follows earlier reports of his involvement in an FBI probe given his relationship with a Russian citizen, Maria Butina, who was convicted of wrongdoing related to the 2016 U.S. presidential election.

The executive said in an Aug. 12 Fox Business interview that the FBI investigation is "all about political espionage." We will soon become witness to the "biggest scandal in American history," Byrne said. 

"I have been warned that if I come forward to America, the apparatus of Washington is going to grind me into dust," he said Thursday. "And that's going to happen and I have to get that away from the company. It's only right."

Overstock shares were down 0.6% at $20.99 at the time of publication Friday. 

Related Links:

Patrick Byrne Resigns As CEO Of Overstock

Analyst Calls Overstock's Crypto Wallet App A 'Significant Milestone'

Screenshot courtesy of Fox Business Network. 

Posted-In: Fox Business patrick byrne tZEROCryptocurrency Politics Markets Media General Best of Benzinga

 

Related Articles (OSTK)

View Comments and Join the Discussion!
Fastest Market News Application
You'll Hear It First On Pro
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

Friday's Market Minute: Markets Remain Focused On Jackson Hole As Global Risks Intensify

Benzinga's Top Upgrades, Downgrades For August 23, 2019