Overstock Insiders Revolt After Crypto-Crazed CEO Dumps 900,000 Shares
Overstock insiders revolted after crypto-crazed CEO Patrick Byrne dumped 900,000 shares of stock, forcing Byrne to defend himself in an open letter. | Source: Shutterstock
By CCN: Overstock CEO and crypto enthusiast Patrick Byrne felt the need to defend his sale of about 900,000 shares of company stock. Byrne wrote a letter defending his decision, as news of his choice had reportedly sent insiders into a tizzy and dropped O shares about 16% earlier in the week.
Overstock Stock Price Recovers After Mid-Week Slump
While there is a definitive correlation with the news and the change in price, it’s notable that the market has been incredibly volatile on the whole lately.
This is not the first time the CEO’s stock sales have made headlines. He assured investors all was well when he sold $20 million worth last year. Byrne spends a portion of the letter explaining that he could not sell for most of the past year due to having information that would have made it unethical to do so.
Miffed at people questioning his right to sell the stock, Byrne said he does not intend to defend himself again.
“I owe shareholders staying within the law and not making decisions based on inside information,