The CEO of Overstock.com resigned today – days just after saying he was in a relationship with a Russian spy, and deeply involved in an FBI probe into Hillary Clinton.
You may remember that earlier this month, the company posted a press release in response to a news report of his involvement in those issues. In fact, in the release, Byrne explained that he had been helping law enforcement agents, whom he referred to as “Men in Black,” with the “Clinton Investigation” and “Russia Investigation.”
“Starting in 2015 I (operating under the belief that I was helping legitimate law enforcement efforts) assisted in what are now known as the ‘Clinton Investigation’ and the ‘Russian Investigation’ (in fact, I am the notorious ‘missing Chapter 1’ of the Russian investigation). It was the third time in my life I helped the Men in Black: the first was when my friend Brian Williams was murdered, and the second was when I helped the M.I.B. shake up Wall Street. Unfortunately, this third time turned out to be less about law enforcement and more about political espionage conducted against Hillary Clinton and Donald Trump (and to a lesser degree, Marco Rubio and Ted Cruz),” he noted.
While such news initially sent the stock from a high of $27 to $15.46, we’re now seeing a recovery on Byrne’s resignation as CEO, as Byrne notes his presence could “affect and complicate all manner of business relationships, from insurability to strategic discussions regarding our retail business,” as quoted by CBS News.
At the moment, shares of OSTK are up 11%, or $2.18 a share on the news.