Patrick Byrne, CEO of e-commerce retailer Overstock, sold about $20 million worth of stock in a span of several days, telling investors to stay calm. He sold $15.8 million worth of stock last week and $4.9 million worth on Monday, as shown in a form 4 SEC filing. Overstock, which entered the cryptocurrency industry through its subsidiary tZero, saw its share price declining since Byrne started the selling process, though it is moving in a sideways trend since Friday.
Byrne first announced his intention to sell some of his Overstock shares in a SEC filing published in March. He said the raised funds would be used to fund sidecar investments with Overstock and would be mostly reinvested in the company and its subsidiary Medici Ventures.
Recently, he sent a letter to investors explaining the reasons behind the sale and said they shouldn’t worry that he cashed in his 10% stake.
“I’ve cashed in 1/10 of my chips (most of it, to reinvest next to you). Don’t worry, I’m still in the game, and we’re going to bring this House to its knees,” the letter...
This article appeared first on Cryptovest
