The Founder of Overstock, Patrick Byrne, resigned as CEO last month after a scandal involving a romantic relationship with a Russian spy. The details of that situation are confusing, but ultimately Byrne decided to sell all of his shares in Overstock, which amounted to roughly USD 90 million. This caused the price of Overstock shares to crash by more than 40% in a week.
Byrne then quickly invested this money into cryptocurrency, silver, and gold. Apparently the silver and gold is in Switzerland, and will be distributed across the world to keep it out of the hands of the ‘deep state’. The cryptocurrency private keys are supposedly stored with a priest that ‘never sets foot in the west’. Apparently Byrne met this priest 35 years ago.
Essentially, the point is Byrne seems to be in hot water with the United States government, and has now cashed out all of his equity in Overstock and scattered that money across the world so that the United States cannot touch it.
It is unclear however as to why Byrne would announce all of these details to the public, if the point of putting the money in precious metals and crypto was to hide it.
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