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Overstock shares surge after CEO quits

Video Credit: Reuters Studio - Duration: 01:20s - Published < > Embed
Overstock shares surge after CEO quits

Overstock shares surge after CEO quits

Overstock shares surged 9% on Thursday after Chief Executive Officer Patrick Byrne resigned, saying distraction and fallout related to his involvement in a Federal Bureau of Investigation Russian espionage probe made it difficult for him to lead the online retailer.

Yahaira Jacquez reports.

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Overstock shares surge after CEO quits

(EDITORS NOTE: FIXED TO IDENTIFY MARIA BUTINA AS RUSSIAN AGENT) The CEO of Overstock said his time at the company is done after he caused a stir with comments about the deep state and confirmed he had a romantic relationship with a Russian agent.

Patrick Byrne's resignation Thursday sent shares of the e-commerce company surging as much as 15 percent.

A week after the stock plummeted following a stunning company statement titled: "Overstock.com CEO Comments on Deep State." In it, he refers to FBI agents as 'Men in Black' and confirms a report that he was in a romantic relationship with Maria Butina, a convicted Russian agent currently serving time in prison.

He also addressed his role in 2 high profile FBI investigations.

A probe into Russian interference in the U.S. election and another into Hillary Clinton.

For over a decade, Byrne - known for making brash comments - has publicly battled those betting against Overstock, which according to Refinitiv is targeted more by short sellers that 99% of U.S. companies.

The stock has fallen more than 70% from record highs in January 2018.

The company has appointed an interim CEO.




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