Overstock CEO who quit after relationship with Russian “spy” sells all his stock for $100m


Overstock’s controversial ex-chief executive Patrick Bryne has sold all of his shares in the business after being quitting last month.

Byrne sold 4.7 million shares, representing more than a 10 per cent stake, between Monday and Wednesday this week for just under $100 million.

In August he quit his role as the retailer’s leader and severed ties with its board after admitting a romantic relationship with a suspected Russian agent, Maria Butina.

READ MORE: Overstock CEO Patrick Byrne quits after admitting relationship with Russian “spy”

Overstock released an inflammatory statement in early August responding to claims in the media that he was involved in the federal government’s “Russian investigation” into the 2016 election.

Days later he told the New York Times that these comments were in relation to his “romantic” relationship with Butina, who has now been sentenced to 18 months in prison on a separate lesser charge and been widely accused of being Russian agent, using her ties to the National Rifle Association (NRA) to infiltrate US politics.

In a similarly bizarre turn, Byrne released a blog post stating that the “Deep State’s pets at the SEC… leaked that they were going to Bazoomba (destroy) 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.”

Since August the online furniture retailer’s stocks have divebombed more than 35 per cent.

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