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Overstock founder Patrick Byrne sells his shares to buy crypto

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

Patrick Byrne, the founder of Overstock, sold his stake in the company to invest in crypto and fight Deep State. Last month Byrne resigned from the company as CEO because of his involvement with FBI and his relationship with a convicted Russian spy.

Patrick Byrne, the founder of Overstock, announced to sell his 13% stake in the company to buy precious metals and cryptocurrencies. In a blog post, he listed different reasons why he sold his stocks. He wrote that it would be impossible for the company to get corporate insurance with him being part of the Overstock.

Byrne also claimed that he knows enough to burn Deep State to ashes. Last month Byrne resigned as the CEO of Overstock citing his involvement with FBI and relationship with convicted Russian spy Maria Butina. Byrne shocked everyone when he revealed that he has been serving as an informant to the FBI. He also claimed that he has information that can expose the political espionage conducted against Hilary Clinton and Donald Trump during the 2016 elections.

Byrne filed a statement with the Securities and Exchange Commission (SEC) that reveals he successfully sold $4.7 million Overstocks shares worth $90 million. Former CEO also indicated that he would rebuy Overstock shares if the company suffered losses in the coming economic crash. He added that meanwhile, his move into the crypto assets would benefit him.

He also wrote that this “ammo” referring to crypto investments, would help him to fight Deep State. So far, Patrick Byrne’s all claims seem very vague and incoherent to some extent, and there has been no proof of any of his claims. FBI has not responded to any of his claims. These controversies have also hurt Overstock massively as stocks of the company continue to fall.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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