What is Patrick Byrne's Net Worth?
Patrick Byrne, an American entrepreneur, boasts a net worth of $75 million. He is best known for being the former CEO of Overstock.com.
Early Life and Education
Born in Fort Wayne, Indiana in 1962, Patrick Byrne has an impressive educational background. He graduated from Dartmouth College, then attended Cambridge University, and eventually earned his Ph.D. from Stanford University.
Career and Achievements
Byrne launched Overstock.com in 1999 and took the company public by 2002. He gained notoriety in 2005 for his campaign against illegal naked short selling. A strong advocate for cryptocurrencies, Byrne made Overstock.com the first major online retailer to accept bitcoin in 2014.
Health and Controversies
For health reasons, Byrne took a leave of absence in 2016. In 2019, he resigned following allegations of an intimate relationship with Maria Butina and after making controversial comments.
Additional Roles and Recognition
Beyond Overstock, Byrne has served as the chairman of EdChoice and has worked as an investigative journalist. His entrepreneurial skills were recognized when he was named Entrepreneur of the Year by Ernst & Young.
Stock Holdings
In September 2019, Byrne announced his intention to sell all of his shares in Overstock, which amounted to approximately 4.8 million shares, or 13% of the company. This decision followed a perplexing press release linked to the Maria Butina affair. An SEC filing on September 18, 2019, confirmed that Byrne sold all but 87,000 shares, generating $90 million in pre-tax proceeds. The remaining 87,000 shares were gifted to an unnamed entity.
