Overstock CEO sells his shares again, investors questioning his move

20 May, 2019
by Fifi Arisandi
Overstock CEO sells his shares again, investors questioning his move

Overstock CEO, Patrick Byrne lashed out to the company shareholders in a letter, after they're questioning his decision to sell 15% of the company shares he owned. 

After selling his shares in the company September last year, Overstock CEO, Patrick Byrne is reported to have sold his shares again, this time it amounted a total of 900,000 shares.

The move apparently made some investors questioning his decision, which led him sending a letter to the shareholders, following the stock price plunged to its lowest level since 2012.

“I simply had to supplement my nominal salary with stock sales in order to fulfill personal commitments to invest personally in blockchain projects such as Medici Land Governance, along with a need to meet charitable pledges,” said Byrne is his letter as quoted by Business Insider.

Furthermore, the CEO said, “I do not intend to ever give such an explanation again. I owe shareholders staying within the law and not making decisions based on inside information, not explanations of my life and projects outside Overstock.”

Overstock stock price can be seen of recovering on Friday, May 17th, however, Byrne’s “lashing out” has already made known not only to the shareholders, but also to the public.

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