The CEO of American Overstock online retailer, Patrick Byrne, cursed the company's shareholders in a letter after they questioned his decision to sell 15% of the company's shares he owned.
Sale of shares
After selling his shares last September, Overstock CEO Patrick Byrne sold his shares again, this time their total number was 900,000 shares.
The move appears to have caused some investors to question his decision, as a result of which he sent a letter to shareholders after the stock price fell to its lowest level since 2012.
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"I just needed to supplement my nominal wages with stock sales in orderOrder
– automatic application to buy or sell cryptocurrency. Orders are used during trading on the stock exchange to open and close a position. Details to fulfill my personal investment in blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details projects such as Medici Land Governance, along with the need to fulfill charitable commitments", Byrne said in his letter quoted by Business Insider.
Patrick Byrne, CEO of Overstock sells his shares again. In addition, the CEO said: "I’m not ever going to justify my actions before you. I have to stay within the law and not make decisions based on inside information, and not engage in explanations of my life and projects outside of Overstock."
Editor: Yuliya Soroka