Former CEO of Overstock.com.
Patrick M. Byrne is an American entrepreneur and e-commerce pioneer who was the CEO of Overstock.com. In 1999, Byrne launched Overstock, after leading two smaller companies, including one owned by Warren Buffett‘s Berkshire Hathaway.
In 2002, Byrne took Overstock.com public. Since its initial public offering, Overstock.com has increased revenue to almost $1.8 billion, while achieving profitability in 2009.
In 2005, Byrne became known for his campaign against illegal naked short selling. Byrne and securities regulators maintain illegal naked shorting has been used in violation of securities law to distort prices of public companies’ stock. Under his direction, Overstock.com filed two lawsuits alleging improper acts by Wall Street firms, a hedge fund, and an independent research firm. In each case the defendants have settled with Overstock out of court.
More recently, Byrne has advocated for cryptocurrencies such as Bitcoin. In January 2014, Overstock.com became the first major online retailer to accept Bitcoin.
Byrne took an indefinite leave of absence from Overstock.com in April 2016 because of Hepatitis C complications. Byrne returned in July 2016 as CEO after Hepatitis C recovery. He resigned in August 2019, following revelations that he had been in an intimate relationship with Maria Butina and comments he made supporting the Deep State conspiracy theory.
Overstock.com
Jan 1st, 1962
American
United States
Dartmouth College, B.A. Philosophy, Asian Studies
Cambridge University, M.A. Mathematical Logic
EdChoice - Chairman
An investor from Canada has sued Overstock along with its ex-CEO and ex-CFO for securities fraud. He says that the company made false statements and manipulated the stock price.
In recent news, Patrick Byrne, the former CEO of Overstock, has sold all his Overstock equity holdings worth about $90 million to shift his investments to different assets like precious metals and cryptocurrencies.
In recent news, Patrick Byrne, the long-time CEO of Overstock has announced in a letter to shareholders, that he is stepping down from his position. His position will be temporarily replaced by Jonathan Johnson.
Overstock.com, the retail giant firm, has just announced that it will be paying dividends to its shareholders in digital shares powered by an affiliate company, tZero. The CEO has expressed commitment to a blockchain capital market.
Overstock’s tZERO security trading platform, which was announced back in 2014, is set to go live by the end of this week, according to the company’s chief executive Patrick Byrne, a longstanding cryptocurrency supporter.