Patrick Byrne, founder and former CEO of Overstock.com, has sold his shares in the company and is investing the proceeds in gold and cryptocurrency.
On Wednesday, former Overstock CEO Patrick Byrne published a blog post detailing his desire to invest in gold, silver, and two cryptocurrencies by Friday.
As regulatory filings reveal, Byrne will receive $90 million for cashing out his company shares. The cash-out began Monday after a 65% surge in the company’s stock price the previous Friday (Sept 13).
The stock price has fallen 42% since then.
Protection against the Deep State
Byrne resigned as Overstock’s CEO last month after stating that he was involved in a government espionage probe.
However, he has also revealed that insurance brokers refused to cover Overstock as long as he remained CEO.
The espionage probe Byrne is referring to likely involves his three-year relationship with Russian spy Maria Butina.
Angered by the government’s actions, the New York Times reports that Byrne is planning to “take aim at the deep state.”
Consequently, his investments in gold and crypto are a means to protect himself from “acts of retaliation from the Deep State.”
Byrne believes this action is “important because, in fact, I am now going to shellac them. Actually, ‘shellac’ is too weak a word for what I intend to do to the Deep State. Sit back and enjoy the show.”
In other remarks, Byrne has stated “You think me controversial now, but you ain’t seen nothing yet. I know enough to fry the Deep State to ashes.”
Byrne’s resignation last month came shortly before he detailed his 3-year involvement with what he called the “Russian Investigation” and the “Clinton Investigation.” He also stated that he had helped law enforcement officials (who he calls the “Men in Black”).
Leaving a hedge for Overstock
Though no longer legally tied to Overstock, Byrne believes…