Patrick Byrne shared the letter on his personal website. Within the letter he reveals that he had dumped all his Overstock equity holdings over the past week and blames the deep state and the government for this action:
“The riff-raff will tell you that my departure and sale were from a lack of confidence in what I left behind in Peace Coliseum: they are wrong, and I would like to tell you all the actual reasons before the yuck-yucks spin the truth.”
Patrick Byrne resigned from the role of CEO in August, just 10 days after he made comments about the “deep state” and admitted his involvement with a convicted Russian agent Maria Butina. He claimed that the “deep state” would want to punish him by going after Overstock trying to damage the company in order to get to him. That is one of the main reasons why he resigned and dumped everything he had. He sold his equity for about $90 million. He wrote:
“You think me controversial now, but you ain’t seen nothing yet. I know enough to fry the Deep State to ashes. The Deep State and the oligarchy are entwined, and they won’t die quietly.
If I had stayed at Overstock or even remained a large owner of OSTK, they would try to break Overstock as a way of crippling me.”
Moreover, Byrne said that he wants to shift his investments to different assets like precious metals and cryptocurrencies. He believes that these assets would do particularly well in a possible economic crisis:
“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.
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 foot in the West).”
Previously Byrne has also shared his encounters with the “Men in Black” and this letter sounds like on the verge of insanity and sanity. But despite all that, Patrick has been a long and big promoter of crypto and blockchain. Because of this, Overstock is planning to offer a special dividend that would give special securities to existing shareholders. These dividends could be tradable on a blockchain-based trading platform which would be affiliated with Overstock.
At the time of writing, OSTK stock is at $15.57, decreasing 3.83% from its previous close of $16.19.