Overstock CEO responds to concern after selling off 900,000 founders shares

Overstock.com CEO Patrick Byrne said he sold off about 900,000 “founders shares” in the company to fund other projects, including investments in Blockchain technology. The sale drew concern from shareholders, which led Byrne to make a statement on the sale of personal shares, claiming he had previously told shareholders he would be making “significant sales” last year.

Byrne indicated that he was unhappy with the intrigue from other shareholders surrounding his sales.

“Frankly, I had no idea that shareholders would demand explanations of why and how I might want to use my cash derived from my labor and my property to pursue my ends in life,” he said in the statement. “Not once have I ever asked a shareholder for his reasons in any decision he made. Yet, given the consternation this has caused, I will give answer, to preclude further recurrence of mass vapors.”

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