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Overstock CEO ends after allegation that he was involved in Russian FBI zone, Hillary Clinton | business



Overstock.com shares rose 5% on Thursday after CEO Patrick Byrne resigned following his allegation of being involved in a federal investigation center in Russia and former US presidential candidate Hillary Clinton.

His resignation follows a fall of over 30% in online retailer shares over two days earlier this month, with investors rattled after Byrne claimed in a statement that he had been secretly involved in the FBI and started in 2015. [19659003] The stock rose rapidly 1

5% following the announcement of Byrne's resignation.

"Although I believe I did what was necessary for the good of the country, for the good of the company, I am in the sad position of having to sever ties with Overstock, both as CEO and board member," Byrne said in a farewell letter which was sent to shareholders on Thursday.

"It has been an honor to serve you through thick and thin, grandiose and arcane threats over the past 20 years." [19659003] Byrne for over a decade has a libertarian with a Ph.D. Short sellers targeting their company as it competes with major rivals, including Amazon.com Inc. and eBay Inc. He is known for making brash and freewheeling comments.

On Thursday, he paid tribute to the remaining Overstock leadership group with pop culture references, calling the chief marketer "Commander Data" a Star Trek character. He said another CEO called an artificial intelligence system "Skynet," after the movie series Terminator.

In a separate statement, Overstock stated that the appointed company veteran Jonathan Johnson as interim CEO.

Overstock is currently more targeted by card sellers than 99% of US companies, according to Refinitiv. Total short games against Overstock total $ 267 million, equivalent to almost 50% of its flow, according to S3 Partners, a financial analysis firm.

Byrne is also an advocate for blockchain technology and cryptocurrency.

In May, he lashed out at investors who questioned the motivation behind the sale of about 15% of Overstock shares, saying he had to supplement $ 100,000 a year and promise never to "give such an explanation again. "

The stock fell more than 70% from record highs in January 2018, when Overstock benefited from Byrne's plan to launch a digital token, and from the hype surrounding Bitcoin.

“On a regular day, my presence is not conducive to strategic discussions about our retail business. I believe that my future presence will definitely not be beneficial for such strategic discussions, ”Byrne wrote in his resignation letter.

St. Louis Post-Dispatch


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