(Photo Source: CNN)

CEO Leaving Overstock Results In Higher Stock Prices

Patrick Byrne, the CEO of Overstock.com, resigned after he released a letter claiming he helped the FBI commit “political espionage” and carried out a romantic relationship with a Russian spy.

In a cryptic press release, Byrne said he helped spy on various political campaigns and believed it had legitimate law enforcement purposes at the time.

“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,” Byrne wrote. “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). In July 2018 I put the pieces together.”

In the wake of Byrne’s resignation, Overstock shares surged. Earlier in the month, they had declined by about 30 percent. But after Byrnes released his letter, they were up 15 percent again.