The CEO of Overstock.com wants to reassure investors that while he has sold 10 percent of his Overstock shares, he’s “still in the game.”
In a letter this week to shareholders, Patrick Byrne said he plans to plow the $20 million he made from the stock sale into Medici Ventures, the unit created to invest in blockchain projects, as well as in Overstock, the online retailer that accepts bitcoin (BTC) payments. He made his intentions known originally in a March SEC filing.
So why the letter to stockholders? Perhaps because, according to CNBC, the stock has fallen about 12 percent this week while Byrne was busy selling his stock. Overstock shares are down 61 percent this year. Read more here.