On Sept. 19, former Overstock.com (NASDAQ:OSTK) CEO Patrick Byrne sold his entire stake in the firm, which accounted for 13% of the company and was worth over $90 million. While the move surprised many, those closely following Patrick’s eccentric personality saw it coming from a mile away.
Overstock was launched in May 1999. In the early days of the internet, it worked as an online marketplace that sold surplus goods from failed dot-com companies. It had a competitive advantage by selling at rates lower than wholesale prices. Its business model still hasn’t changed, selling closeout home decor, furniture, bedding and more.