Overstock CEO Patrick Byrne Quits As ‘Deep State’ Remarks Cause Uproar | Zero Hedge
Posted by M. C. on August 22, 2019
Deep State
IT LIVES!
by Tyler Durden
With his company’s stock in free fall, Overstock.com CEO Patrick Byrne resigned as CEO on Thursday effective immediately, after he stunned investors by disclosing his entanglements with the “Deep State” as we reported previously.
Byrne, 56, who founded the company in 1999 and took it public three years later, will be succeeded by director Jonathan Johnson who was with the company for 17 years and has recently served as president of Overstock’s blockchain business, Medici Ventures.
“While I believe that I did what was necessary for the good of the country, for the good of the firm, I am in the sad position of having to sever ties with Overstock,” Byrne wrote in a lengthy 1,600-word letter.
The letter opened with two quotes, one stating the founder is “already far too controversial to serve as CEO” and the other simply noting “do not wish to disrupt possible strategic discussions.”
Byrne’s resignation comes after conspiratorial comments from August 12, where he confessed his role in the ‘deep state’, claiming that he helped cause “damage done to our nation for three years and felt my duty as a citizen precluded me from staying silent any longer.” In the “comments on Deep State” statement, Byrne referred to law-enforcement officials as “the Men in Black” and said his choice to go public was encouraged by his “Omaha Rabbi.”
“Thus, while I believe that I did what was necessary for the good of the country, for the good of the firm, I am in the sad position of having to sever ties with Overstock, both as CEO and board member, effective Thursday August 22,” Byrne wrote.
Byrne released an initial statement last week where he discussed his involvement in the federal government’s investigation into the 2016 election interference, though he wasn’t super-specific, he said he assisted in ‘investigations’ related to the Clintons and Russia…
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