Overstock.com Inc Chief Executive Officer Patrick Byrne lashed out on Friday at ...
In Friday’s missive, Byrne said he had sold an additional 400,000 shares. In all, Byrne recently sold 900,000 “founders shares,” amounting to more than 15% of his stake in the company. Overstock’s shares rebounded 3% on Friday.
Byrne for over a decade has publicly battled short sellers targeting his company as it competes against larger rivals, including Amazon.com and eBay. “Not once have I ever asked a shareholder for his reasons in any decision he made. Yet, given the consternation this has caused, I will give answer, to preclude further recurrence of mass vapors.”
Total short bets against Overstock currently stand at $157 million, equivalent to over 50% of its float, according to S3 Partners, a financial analytics firm. The retailer is more targeted by short sellers than 99% of U.S. companies, according to Refinitiv.
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