Former Overstock CEO Patrick Byrne sells company shares to buy crypto
Patrick Byrne is done with Overstock. The company’s former CEO has offloaded his 13.6% stake in the company, the entire amount he had held, and is now going to go on a shopping spree. With $90 million in his back pocket, as confirmed by a U.S. Securities and Exchange Commission (SEC) filing, Byrne states that he is ready to invest in precious metals and cryptocurrency.
In a post on his personal blog, Byrne explained his reason for dumping his shares, stating that the move was a preemptive measure before the SEC targeted Overstock to boost certain Wall Street investors’ positions. He stated:
…[Former Overstock secretary John B. Pettway and I] heard over the weekend that starting last Friday, the Deep State’s pets at the SEC began leaking something to their clients JPMorgan, Morgan Stanley, and Goldman… They leaked that they were going to [bamboozle] our digital dividend. Once that started getting back to me, I realized this: Whenever I have had any question about whether the SEC would or would not do something totally outrageous in order to hurt our company to benefit their clients on Wall Street, they never let me down: they always did the evil thing.
Byrne is known for being outspoken against mainstream economics and is a strong supporter of cryptocurrency. He has attacked financial regulators and governments on several occasions and is determined to make a difference in the evolutionary process of money. To that end, he plans on putting his recently acquired fortune to good use.
Byrne indicates that he wants to invest in certain segments that are “counter-cyclical to the economy,” including gold, silver and two types of crypto. He adds, “The gold and silver are stored outside of the United States, in Switzerland, and within two weeks, will be scattered in other locations that are even more outside of the reach of the Deep State, but are places that are safe for me. The crypto is stored in the place where all crypto is stored: in mathematical mist, behind long keys held only in the memory of someone who is quite good at storing such things in memory (with paper backups in the hands of a priest I met 35 years ago who never sits foot in the West).”
The extroverted executive is embarking on a two-pronged mission. If Overstock falls on hard times, which Byrne believes is going to happen, he will be able to offer investment capital that would be the “friendliest capital imaginable.” Additionally, he asserts that moving the money out of the reach of the “Deep State” allows him to concentrate stronger in his fight to disclose the errors of the current world economic order without having to worry about retaliation.
Byrne provides an ominous warning in his post, stating that he is now going to “shellac” the Deep State, clarifying, “Actually, ‘shellac’ is too weak a word for what I intend to do to the Deep State. Sit back and enjoy the show.”
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