Tech CEO dumps $ 90 million of company's stock to buy gold, bitcoin

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Former Overstock CEO Patrick Byrne liquidated his position in his company and bought gold, silver and bitcoin to protect against a "recession" and "deep state."

Byrne sold 4.8 million shares for a net worth of $ 90 million.

Last month, 57-year-old Byrne quit the company he founded after having an affair with a convicted Russian agent.

The turmoil has caused Overstock to fall. Shares traded at $ 15.57 as of 4 p.m. ET, nearly half the valuation on Friday as shares traded at a high of $ 29.39.

In a blog post, Byrne said his move to hard assets is a stumbling block to a "worsening world situation" and "deep state".

"I've been following the American economy and the worsening world situation, and I'm worried because I'm sure you have too," Byrne writes.

"For these reasons, it may give you some comfort to know what I'm dealing with the capital generated by the sale of the stock: after paying tens of millions in taxes (after all, "We didn't build it," right? Friday, the rest will be in investments that are countercyclical to the economy: Gold, silver and two flavors of crypto.

"The gold and silver are stored outside the United States, in Switzerland, and within two weeks, will be scattered in places that are even more out of reach of Deep State, but are places that are safe for me. "

Overstock is an online retailer based in Salt Lake City. Reported $ 373 million in revenue from the second quarter.

Twenty years ago, Bryne bought discounts directly and re-branded it as Overstock.com.