Patrick Byrne has finally left Overstock and it looks like the markets approve of this move.
Overstock shares are up at the time of close on August 22, 2019, but what will his departure mean for the future of Overstock and Medici Ventures?
The vocal Chief Executive Officer of Overstock.com has left his role as the leader of the online home goods retailer, Overstock.
This move takes place after a mysterious and intriguing statement regarding the “Deep State,” Russia, Maria Butina and the F.B.I.
Byrne’s statement led to a sharp decline in Overstock’s shares in the prior week. Overstock shares bounced back with news of his departure. Mr. Market is pleased with Byrne’s permanent leave.
Patrick Byrne, the longtime leader of Overstock, noted Thursday that he was not the right candidate for the C.E.O. position. He’s served as Chief Executive Officer of Overstock for more than 15 years after purchasing the company from Robert Brazell in 1999.
But what was this Deep State story all about and why did Patrick Byrne state these comments publicly?
Patrick Byrne and The Clinton Investigation Story
Byrne noted in his prior press release, the distribution of several articles that noted his involvement with governmental investigations.
Byrne notes “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 a decade ago. 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).”
Unfortunately, we won’t have any other details on the matter from Patrick Byrne. He’s noted that he’ll be silent on the case moving forward.
That’s a problem for those who really want to know more information about the mysterious Deep State.
Patrick Byrne and The Deep State
When people hear of the Deep State, they think of a cabal of influential people behind the scenes who influence POTUS and other key leaders in the official United States government. The term “Deep State” has been used by the current sitting President of the United States, Steve Bannon of Breitbart News, and varied supporters of President Donald Trump.
It’s been quite popular as of late.
As such, Byrne’s revelation might have some people scratching their heads, inquiring, and wondering more about this term. Byrne stated that he was coerced by the F.B.I. to take part in a Russia and criminal investigation, an affair where Byrne, the main character of this saga, would have a deep relationship with an actual Russian spy, Maria Butina.
This relationship is said to have taken place over the course of three years.
What’s even more strange is that some U.S. Officials have backed portions of Byrne’s story. According to CNN, officials have stated that Byrne was privy to exclusive knowledge of the Russian operation. They confirm that he did meet with the Justice Department to provide details of the affair.
Byrne has pioneered movements in the retail sector by being one of the first widely known companies to accept bitcoin in the currency’s early years. Byrne further pushed the boundaries of Overstock by investing heavily into the blockchain sector over the past couple of years. Overstock’s blockchain subsidiary, Medici Ventures, is said to be a keiretsu by company management. A synergistic gathering of companies that complement and support each other to form a holistic company.
Overstock did not mention the deep state in its latest comment: “We respect and understand Patrick’s reasons for resigning and acknowledge his momentous achievement in taking Overstock from a startup twenty years ago to one of the nation’s leading online retailers and positioning it at the forefront of the blockchain revolution. “
What About Medici Ventures and Blockchain?
Jonathon Johnson, the current President of Medici Ventures, will take over as the immediate C.E.O. of Overstock. As such, its blockchain companies are expected to continue to exist and continue to operate.
But for how long?
If Byrne is right and Johnson is the “exact opposite of Byrne,” what type of changes will we see at Overstock and its subsidiary?