American businessman Patrick Byrne has a net worth of $75 million. He is most recognized for serving as Overstock.com’s previous CEO.
In 1962, Patrick Byrne was created in Fort Wayne, Indiana. He received his undergraduate degrees from Dartmouth College and Cambridge University as well as his doctorate from Stanford University. In 1999, he started Overstock, and in 2002, he went public with the business. In addition to being a supporter of cryptocurrencies, he gained notoriety in 2005 for his crusade against unlicensed naked short selling.
In 2014, Overstock.com became the first significant online store to accept bitcoin. For health-related concerns, Byrne took a leave of absence in 2016. He resigned in 2019 over claims that he had a close connection with Maria Butina and because of his inflammatory remarks. He has also worked as an investigative journalist and the head of EdChoice. Ernst & Young honored him as Entrepreneur of the Year.
Businessman Patrick Michael Byrne was born in the United States on November 29, 1962. Byrne founded Overstock.com in 1999 after serving as the CEO of two smaller businesses. From 1999 to 2019, Byrne served as the chief executive officer of Overstock.com.
Byrne made Overstock public in 2002. Early in his term, he came to the attention of the public due to a protracted court struggle he fought against “naked short selling” and short sellers. Following reports that he had been involved in an intimate connection with Maria Butina, a Russian spy and future lawmaker with Vladimir Putin’s United Russia party, he ultimately announced his resignation as CEO in August 2019.
In 2005, Overstock.com filed a lawsuit in California against the hedge fund Rocker Partners and the equity research company Gradient Analytics (formerly Camelback Research Alliance), alleging that the two had illegally conspired to short-sell the company while funding unfavorable press coverage to lower share prices. Overstock was countersued by Gradient for libel.
A portion of this lawsuit was resolved out of court in 2008 when Gradient withdrew claims that Overstock’s reporting practices violated FASB regulations, admitted that Overstock.com carried out in compliance with GAAP standards, and apologized. The gradient also stated that it believed that three of Overstock’s directors were independent. Copper River Partners paid $5 million to resolve the lawsuit against Rocker, whose identity had now been changed to Silver River Partnership, in December 2009.
In 2007, Overstock launched a second complaint, this time alleging that the brokers had participated in unlawful naked short selling, against a number of major investment banks. The protracted legal dispute was resolved in 2016. The allegations made by Overstock against Goldman Sachs were rejected, although settlements of $20 million were reached with other brokers like Merrill Lynch.
Both criticism and support were shown for Byrne’s crusade against naked short selling and other individuals who he believes targeted him and his business.
Byrne argued that the mainstream media had “demonized” him in addition to condemning broker-dealers, hedge funds, and the press as being dishonest and ignorant of the financial and dot.com industries.