Home Economy Overstock Tumbles 36% Since CEO Byrne’s ‘Deep State’ Statement

Overstock Tumbles 36% Since CEO Byrne’s ‘Deep State’ Statement

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Chairman and CEO of OverStock.com Patrick M. Byrne poses for a picture in the warehouse of Overstock.com just outside Salt Lake City, Utah on March 25, 2010. (AP Photo/George Frey)

Overstock.com Inc. shares fell for a third day Wednesday as investors reacted to statements by Chief Executive Officer Patrick Byrne that he was a part of federal investigations related to the 2016 election.

The e-commerce company has lost a third of its value in the two days since releasing a statement by Byrne titled “Overstock.com CEO Comments on Deep State” and referring to federal investigators as “the Men in Black”. The stock fell another 23% on Wednesday, bringing its slide to 36% since Monday, the biggest two-day slump in more than 11 years.

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Byrne’s statement addressed stories published on a little-known news website and referenced investigations relating to the Clintons and Russian interference in the U.S. elections, political espionage and the rule of law.

“I will speak no more on the subject,” Byrne wrote in the statement. “Instead, having lived in places lac

king Rule of Law and having witnessed the consequences of its absence, I plan on sitting back and watching the United States Department of Justice re-establish Rule of Law in our country.”

They’re not the first unusual comments from the Overstock founder. He sued brokerages over claims tied to naked short-selling in 2007 and has said the banks settled the case for tens of millions of dollars. He’s compared a company executive to a Star Trek character in announcing her promotion, and has signed communiques to holders with “your humble servant”. He likened Overstock’s cryptocurrency ambitions to Jonas Salk’s polio vaccine and joked on last week’s conference call about loaning office space to the SEC amid an investigation into the company’s tZero push, comments which briefly sent the shares tumbling.

“What you have here is a highly controversial CEO and another example of something that’s controversial,” D.A. Davidson analyst Tom Forte said in an interview. He has a buy rating on the stock. “There are times like right now where that has a negative impact on the performance of the stock.”

Overstock had been riding high after investors cheered the company’s second-quarter earnings report on Thursday that revealed a narrower-than-expected loss on an adjusted Ebitda basis. The stock closed the week at the highest levels since October. Now, the two-day slide has erased more than a month of gains.

“The frustrating part is that the legacy home e-commerce business has returned to positive cash flow,” said Forte, one of two Wall Street analysts covering the company. “The two assets — e-commerce and blockchain — are incredibly well positioned.”

Representatives for Overstock didn’t respond to a voicemail message or e-mail seeking comment on Wednesday.

via newsmax

7 COMMENTS

  1. Going to another Country, and dealing with a spy, to make up a false Dossier to sell to HRC is espionage! Forget her email scandal, espionage, has teeth!

  2. The DNC gets away with breaking the law all the time! The DNC knowingly supported the Ayers Coup to put a Constitutionally ineligible candidate, old family friend, into the White House! A Communist, America hating, racist, Anarchist, Community Organizer, Obama a name that was made up, because his real father, is Frank Marshal Davis!
    Obama, was manufactured, by Ayers and his (Communist) father, put Obama through Harvard as a foreign student, listed by Harvard as Kenya Born and Indonesia Raised! Obama never had the GPA to mow the lawn at Harvard! That nonsense about his being on the Harvard Law Review was given to Obama out fear of a lawsuit because of racial inequality! This is where an investigation should begin, this is where the trouble in America began!

  3. The Clintons are just disgusting people, Criminals, and everyone knows it! Time to open this can of worms, and get our Government out of the grasp of humiliating Criminals and child sex trafficking, and bring in the Lysol and clean it all up! That goes for Chicago too! Descendants of slavery should not be allowed to participate in American Politics because they Hate America and White People and they have brought the integrity of our Government so low it’s disgraceful! Take Your Race-Card, and stick it up your Black-Asses!

  4. Stop walking on eggshells over black people! The ones that can’t get over this slavery bullshit can go back to Africa, I’ll pay my part to make that transition as swift and painless as possible, but it is a one way trip!

  5. Our Government bashed In the heads of innocent babies of American Indians for Gods sake! We can’t live in the past, and quite frankly, I’m embarrassed by the sins of our Government but I can’t do a damn thing to change it, I didn’t participate in any of it nor did my Parents or Grandparents! Life goes on! God will do the dealing with those folks! We have a Country to run!

  6. Bill Clinton you need to hang your sorry head, and walk in to the nearest police station and have your wrists out in front of you, and they won’t have to ask what you are doing! That goes twice for your disgusting old lady!

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