20 Sep Tech CEO dumps $90M of company stock to buy gold, bitcoin
Former Overstock CEO Patrick Byrne liquidated his position in his company and bought gold, silver and bitcoin to protect against a “recession” and the “deep state.”
Last month 57-year-old Byrne resigned from the company he founded after having an affair with a convicted Russian agent.
The turmoil has caused Overstock to drop. Shares are trading at $15.57 as of 4 p.m. ET, nearly half their valuation on Friday when shares were trading at a high of $29.39.
“I have been following the US economy and the deteriorating world situation, and I am growing worried, as I am sure you have as well,” writes Byrne.
“For these reasons it may give you some comfort to know what I am doing with the capital generated by the sale of my stock: after paying tens of millions in taxes (after all, ‘We didn’t build that,’ right?) by Friday the rest will be in investments that are counter-cyclical to the economy: Gold, silver, and two flavors of crypto.
“The gold and silver are stored outside of the United States, in Switzerland, and within two weeks, will be scattered in other locations that are even more outside of the reach of the Deep State, but are places that are safe for me.”
Overstock is online retailer based near Salt Lake City. Last month the company reported $373 million in revenue from its second quarter.
Twenty years ago, Bryne acquired Discounts Direct and rebranded it as Overstock.com.