Posted 2 years ago | by Ben Armstrong
Patrick Byrne has resigned from Overstock.com. The last year has been a tough one for Overstock.com financially as it has shifted its attention away from online retail and toward blockchain. With the announcement of Byrne's departure, the stock price went up significantly.
As the founder & CEO of the online retailer, Byrne made Overstock.com one of the leaders in online commerce. In 2014, many leading economists criticized Byrne's decision to accept Bitcoin in 2014 saying that Bitcoin was for people who did not understand money.
Byrne's departure from the company comes amid a very strange story involving Russian spies, deep state accusations, the FBI, & high level politicians including Hillary Clinton & Donald Trump. He claims to have worked directly with the FBI in what he calls "political espionage" in an interview with Fox Business.
The timing of his separation with the company he founded comes at a critical time as Overstock.com is shifting its focus toward blockchain. It's blockchain management group, Medici Ventures, is working with 14 blockchain companies including the social media site Minds, the identity & document focused Fantom crypto project, & of course its security token platform tZero. tZero is opening to non-accredited investors later this month.
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