Overstock.com CEO hits back at shareholders over personal stock sale By Reuters

Overstock.com CEO hits back at shareholders over personal stock sale By Reuters


Overstock.com CEO hits back at shareholders over personal stock sale

(Reuters) – Overstock.com (NASDAQ:) Inc Chief Executive Officer Patrick Byrne on Friday hit out at shareholders who questioned the sale of a portion of his stake in the company, after the online retailer’s shares plunged on Thursday following the disclosure of his move.

Shares of the company that offers a range of lower-priced luxury goods, fell over 15% after a filing revealed Byrne, the largest shareholder in the company, had sold about 500,000 of his shares, or 9% of his stake.

Byrne said on Friday his stock sales had created “an unanticipated stir”.

“Not once have I ever asked a shareholder for his reasons in any decision he made. Yet, given the consternation this has caused, I will give answer, to preclude further recurrence of mass vapors,” Byrne said.

Byrne said the stake sale was to fund a variety of his projects including a blockchain investment and supplement his nominal salary of $100,000 annually.

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