Patrick Byrne, the CEO of OverStock has sold almost 15% of his share. He justifies this move saying he wants to invest in blockchain projects. As the OverStock CEO sells the founder’s share, it led to a stir among the investors. Byrne happens to be the largest shareholder of the firm. However, the CEO mentions of this event to his shareholders. He sold the shares two times, first, 5,00,000 shares followed by 4,00,000 shares. The selling of shares initially led to the downfall of the shares though later it was recovered.
In his address to the shareholders, the CEO says he personally wants to invest in charitable pledges. Also, he wishes to fulfill personal commitments and invest in Medici Land Governance. Patrick expresses his surprise saying he never expected his move will create an uproar. He says it’s his money of labor and he has all the rights how he wants to use them. Adding to his statement Patrick says, around a year ago he had already notified the investors that he may make notable sales. Funds from the sold share will see utilization in various blockchain projects.