Overstock

Overstock.com shares tanked after CEO Patrick Byrne released an unusual statement on Monday.
The statement said he assisted in federal investigations surrounding the 2016 presidential election.
Byrne has a history of making comments that send shares into a tailspin.
Watch Overstock trade live on Markets Insider.

Overstock.com shares plunged this week after CEO Patrick Byrne released a statement Monday saying that he assisted in federal investigations surrounding the 2016 presidential election.

Shares fell by as much as 23% Wednesday, bringing the decline since Monday to 36%. The sell-off shed $317 million of the company’s market value — about one-third.

The company’s statement, in which Byrne “comments on Deep State,” referenced two articles published on a little-known news website. Byrne said that he helped law-enforcement officials, who he referred to as “the Men in Black,” on three separate occasions. He also said that his decision to come forward with the statement was encouraged by his “Omaha Rabbi” who reminded him of his “duty as a citizen.”

“I have fulfilled those citizenship obligations of which my Rabbi reminded me,” Byrne said. “I will speak no more on the subject. Instead, having lived in places lacking Rule of Law and having witnessed …read more


Source:: Businessinsider – Finance

      

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