Patrick Byrne Sold all of his Overstock Shares to Invest in Cryptocurrencies and Gold
- Gold, silver, & cryptos are “hedge” against the failing economy
- Pressure from Govt. led to “digital dividend” delay
Patrick Byrne, 56, the former CEO of Overstock.com sold his entire holdings in the company he founded and said he would invest it all in gold and cryptocurrency.
After his dramatic exit form the company, Byrne disclosed in an SEC filing on Wednesday that he sold all his 4.8 million shares in Overstock for a little under $100 million.
The sale started Monday after the stocks surged 65%, the highest point in almost a year. That day, the stock plunged 20% and has been down 35% so far this week.
Gold, Silver, & Cryptos are “hedge” Against the Failing Economy
In a blog post titled, “A Message to My Former Colleagues at Overstock,” Byrne said now he plans to put these proceeds in securities that are
“counter-cyclical to the economy.”
These assets include gold, silver and two unnamed cryptocurrencies that he referred to as a “hedge” against the failing economy that has taken Overstock with it.
However, he promised investors that if that did happen, he would recapitalize the company with his gains from his investments.
Another reason for the same was to put his money
“outside acts of retaliation from the Deep State.”
Pressure from Govt. Led to “Digital Dividend” Delay
The filing came the same day the company delayed its plan to issue a “digital dividend” set for next week that could be accessed only through Overstock’s experimental blockchain-based exchange.
This further required a holder to retain the asset for six months which many thoughts was an attempt to squeeze short-sellers, with whom Byrne has battled for two decades.
Overstock changed the plans on Wednesday announcing that dividend would be tradable freely upon distribution. It further moved back the distribution of dividend and promised that it will announce a new date in the next three to six weeks.
The company suggested the change was due to pressure from the government, a reaction to the
“feedback we received from industry participants, investors and regulators.”