The Overstock CEO Resigned Claiming ‘Deep State’ Conspiracy and a Relationship With a Russian Spy. Here’s What to Know

By August 25, 2019 Bitcoin Business
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The Overstock CEO Resigned Claiming 'Deep State' Conspiracy and a Relationship With a Russian Spy. Here's What to Know

The CEO of online home goods seller Overstock resigned Thursday, following comments alleging that the FBI had directed him to pursue an intimate relationship with the convicted Russian agent Maria Butina as an informant.

Patrick Byrne, 57, had on Aug. 12 issued a bizarre statement through Overstock criticizing the FBI, referring to a “deep state,” “men in black,” and “political espionage conducted against Hillary Clinton and Donald Trump,” after he said he consulted with billionaire Warren Buffet.

A rambling, incendiary interview on CNN Thursday night in which he made numerous unsubstantiated claims has only raised further questions.

The FBI has refused to comment on Byrne’s claims.

Overstock shares fell by some 40% in the wake of Byrne’s disclosures, and ten days later he resigned. “While I believe that I did what was necessary for the good of the country,” he wrote in his resignation letter Thursday, “for the good of the firm, I am in the sad position of having to sever ties with Overstock.”

In a statement, Overstock said: “The company thanks Dr. Byrne for his vision and leadership over the past 20 years as he took Overstock from a fax-based liquidator to one of the most influential technology companies of our time. The board and leadership will continue to build on Dr. Byrne’s legacy while executing on our strategy with clear focus.”

Here’s what to know about Byrne’s allegations about Butina, the “deep state,” and the Mueller investigation.

Who is Patrick Byrne?

Byrne was an early investor in internet commerce, buying Overstock in 1999 and developing it into a multi-million-dollar business, despite the growth of competitors like Amazon.

But he has also cultivated a career as a provocateur. Alongside business, Byrne runs a conspiracy-tinged website, DeepCapture.com, on which he has alleged a variety of claims, including that a so-called “Sith Lord” in Wall Street (a reference to a Star Wars villain) was leading a conspiracy against his company. Byrne and the site were found liable for defamation in 2016 related to separate allegations made on the site against a Canadian man, Altaf Nazerali, and ordered to pay nearly $1 million dollars.

Recently Byrne has become an advocate of blockchain and Bitcoin, spending millions on projects related to the cryptocurrency. Shares of Overstock rose sharply in line with Bitcoin in late 2017 and early 2018, before collapsing with the cryptocurrency.

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