CEO of Overstock sells his e-commerce business to fully devote himself in some blockchain startups.
Overstock is an America internet retailer founded by Patrick M. Byrne– CEO of Overstock in 1997 and was launched in May 1999. The company sells home décor, furniture, bedding, and many other goods that are closeout merchandise, however, it also sells new merchandise. Overstock became the first major retail store to accept bitcoin as payment for its merchandise.
As a passionate believer of technology that supports bitcoin and other cryptocurrencies, Byrne recently announced his plans on selling retail arm of the company as soon as February of 2019. He’s been planning to sell his e-commerce business since 2017 to fully devote himself to some blockchain startups.
Shares of the company went up as much as 26 percent after the announcement but said that their stocks are down 66 percent this year. Byrne is staking the future of the company on blockchain star-ups called “Medici Ventures”.
Overstock was said to have invested $175 million in Medici. Overstock’s best-known startup tZero which the company was backing for over three years now is costing the company millions of dollars every month. According to Byrne, he doesn’t care whether tZero is losing $2 million a month.
Byrne declined to state any name of the potential buyers.