Overstock Chief Executive Patrick Byrne blasted investors who questioned his recent stock sale, calling their criticism “gauche” and vowing never to defend his selling again.
The fiery letter to shareholders follows a 21 percent drop in the company’s stock on Wednesday and Thursday after Overstock revealed in a regulatory filing that the CEO had sold 500,000 shares totaling $6.5 million between Monday and Tuesday.
Byrne revealed in the Friday letter that he has since sold 400,000 more shares — representing sales this week of about 17 percent of his stake in the online retailer.
Byrne said he needed the money to “supplement [his] nominal salary” of $100,000 a year; to “meet charitable pledges” and to invest in Overstock blockchain projects such as Medici Land Governance.
“While I was taught it is gauche to make a big deal of one’s giving … such explanation has been called for by the numerousClick here to view the full story