Patrick M. Byrne Biography and Wiki
Patrick Michael Byrne (born November 29th, 1962) is an American entrepreneur who was the CEO of Overstock.com. Byrne launched Overstock in 1999, after leading two smaller firms including one owned by Warren Buffett’s Berkshire Hathaway. Byrne took Overstock.com public in 2002. Since its initial public offering, Overstock.com has increased revenue to almost $1.8 billion, while achieving profitability in 2009.
Byrne became known for his campaign against illegal naked short selling in 2005. Byrne and securities regulators maintain illegal naked shorting has been used in violation of securities law to distort prices of public companies’ stock. Under his direction, Overstock.com filed two lawsuits alleging improper acts by Wall Street companies, a hedge fund, and an independent research company.
In each case, the defenders have settled with Overstock out of court. Byrne has advocated for cryptocurrencies such as bitcoin. In January 2014, Overstock.com became the first major online retailer to accept bitcoin. Byrne then took an indefinite leave of absence from Overstock.com in April 2016 because of Hepatitis C complications.
Byrne returned in July 2016 as CEO after Hepatitis C recovery. He resigned in August 2019, following revelations that he had been in an intimate relationship with Maria Butina and comments he made supporting the Deep State conspiracy theory.
Patrick M. Byrne Age and Birthday
Michael was born on November 29th, 1962 in Fort Wayne, Indiana, in the United States. He is currently at the age of 58 as of 2020. He always celebrates his birthday on November 29th, every year.
Patrick M. Byrne Height and Weight
Michael appears to be quite tall in stature in his photos, relative to his surroundings, are anything to go by. However, details regarding his actual height and other body measurements are currently not publicly available. We are keeping tabs and will update this information once it is out.
Patrick M. Byrne Education
Michael holds a certificate from Beijing Normal University, and a Bachelor of Arts degree in Chinese studies from Dartmouth College, a master’s degree from Cambridge University as a Marshall Scholar, and a Ph.D. in philosophy from Stanford University.
Patrick M. Byrne Family, Parents, Siblings
Michael was born in Fort Wayne, Indiana. He is the son of John J. Byrne, former chairman of Berkshire Hathaway’s GEICO insurance subsidiary and White Mountains Insurance Group. We are keeping tabs and will update this information once we get it from a credible source.
Patrick M. Byrne Wife
Michael likes to keep his personal life private hence information about his dating life is under research. It is not known whether he is married, dating, or has any children. However, this information will be updated as soon as it is available.
Patrick M. Byrne Facts and Measurements
- Full Name: Patrick Michael Byrne
- Age: 58 years (2020)
- Date of Birth: November 29th, 1962
- Place of Birth: Fort Wayne, Indiana, in the United States
- Education: Beijing Normal University, Cambridge University
- Birthday: November 29th,
- Nationality: American
- Father’s Name: John J. Byrne
- Mother’s Name: Ms. Byrne
- Profession: Entrepreneur
- Known For: Byrne launched Overstock in 1999, after leading two smaller firms including one owned by Warren Buffett’s Berkshire Hathaway.
- Net worth: $19.1 Million dollars
Patrick M. Byrne Net Worth
Michael stands at a Net Worth of $19.1 Million dollars as of 2019 – 2020. He owns over 6,667 units of Overstock.com stock worth over $17,879,195 and over the last 17 years, Michael sold OSTK stock worth over $1, 187,200.
Patrick M. Byrne Overstock.com
Michael was approached by the founder of D2 Discounts Direct in 1999 with a request for operating capital. The company had generated slightly more than $500, 000 in revenue the previous year by liquidating excess inventory online. He found the idea of online closeouts intriguing and invested $7 million for a 60 percent equity stake in the company in the spring of 1999.
In September the same year, he took over as CEO, and the following month the company was renamed Overstock.com. Michael initiated a Dutch auction IPO of Overstock.com in 2002. The company was one of the first to go public under a system advanced by WR Hambrecht + Co to retain a greater share of capital within the company rather than going to the investment bank underwriters used in conventional public offerings.
Michael has said that competing banks reacted against this, attempting to obstruct the success of the offering through negative reports and by shorting the company’s stock. When Google later in 2004 went public via a Dutch auction IPO, Michael commented that Wall Street company’s similarly pushed negative stories, but did not keep it from going forward successfully.
Four years after the OpenIPO, one official of Hambrecht, it’s now-former co-CEO Clay Corbus was added to Overstock’s board of directors. Michael abruptly resigned his board seat and position as CEO of Overstock.com after it was disclosed that he had an affair with Russian agents Jonathan E. Johnson will serve as interim CEO until a replacement is named by the board.
Patrick M. Byrne Label Suit
Vancouver businessman, Altaf Nazerali sued Michael for libel and defamation in the Supreme Court of British Columbia for articles published in Michael’s ”Deep Capture” website. The articles described Nazerali as being involved with ”Osama Bin Laden’s favorite financier,” and that he worked with criminal syndicates including the Colombian drug cartel, the Russian mafia, and different ”jihadi terrorist groups” including al Qaeda’s Golden Chain.
Deep Capture also accused Nazerali of ”delivering weapons to war zones in Africa and to the mujahedeen in Afghanistan,” of orchestrating ”small-time ‘pump and dump’ scams and bust-outs, death spiral fiances and naked short selling,” and of carrying out dirty work for ”a Pakistani ISI asset” who ”works for the Iranian regime.”
In May 2016, the Court found that the complaints in the Deep Capture articles were libelous and defamatory; Nazerali was awarded $1.2 million in damages, including $500,000 in aggravated damages, $250,000 in punitive damages and $55, 000 in special damages. Michael was permanently banned from publishing these accusations.
The court found Michael, his employee Mark Mitchell, and Deep Capture ”engaged in a calculated and ruthless campaign to inflict as much damage on Mr. Nazerali’s reputation as they could achieve.” The 102-page decision said ”it is clear on the evidence that their intention was to conduct a vendetta in which the truth about Mr. Nazerali himself was of no consequence.” The judgment was upheld on appeal in August 2018.
Patrick M. Byrne Media Coverage
Media outlets have covered Michael’s statement against naked shorting, including The Wall Street Journal, ABC News with Peter Jennings, Fortune, CBS Market Watch, and BusinessWeek, among others. He has also featured on Bloomberg TV, CNBC, and Fox News shows such as Your World with Neil Cavuto.
Michael was named to BusinessWeek’s list of the 25 most influential people in e-Business in 2002: the magazine cited survival strength and vision as qualities that qualified Michael for the list and Ernst and Young awarded Michael the 2002 Milestone Award Winner Utah Region. Also in 2003 Overstock came No. 1 in the mountain west capital network Utah100 award for the fastest-growing company in Utah.
The fastest-growing category is based on the percentage of revenue increases in the five preceding years. Michael also won the first-ever Utah Best of State Awards for Community Development in 2003. Michael published on his website an investigative report in 2008 by Columbia University Graduate School of journalism reporter, Mark Mitchell, which alleged ”a circle of corruption enclosing venerable wall streets banks, shady offshore financiers, and suspiciously compliant reporters at The Wall Street Journal, Fortune, CNBC, and The New York Times.
Michael announced that he had a relationship with Russian agent Maria Butina in 2019 and also made claims in support of a deep state conspiracy theory. Michael also claimed the Federal Bureau of Investigation encouraged him to have a sexual relationship with Butina. After he resigned as Overstock CEO onAugust 22nd, 2019 in the wake of that controversy, the company’s share value rose by more than 10 percent before collapsing nearly 50% from that point.
Frequently Asked Questions About Patrick M. Byrne
Who is Patrick Michael?
Patrick Michael Byrne (born November 29th, 1962) is an American entrepreneur who was the CEO of Overstock.com. Byrne launched Overstock in 1999, after leading two smaller firms including one owned by Warren Buffett’s Berkshire Hathaway. Byrne took Overstock.com public in 2002.
How old is Patrick Michael?
Michael was born on November 29th, 1962 in Fort Wayne, Indiana, in the United States. He is currently at the age of 58 as of 2020. He always celebrates his birthday on November 29th, every year.
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How tall is Michael Byrne?
Michael appears to be quite tall in stature in his photos, relative to his surroundings, are anything to go by. However, details regarding his actual height and other body measurements are currently not publicly available. We are keeping tabs and will update this information once it is out.
Is Patrick Michael married?
Michael likes to keep his personal life private hence information about his dating life is under research. It is not known whether he is married, dating, or has any children. However, this information will be updated as soon as it is available.
How much is Patrick Michael’s worth?
Michael stands at a Net Worth of $19.1 Million dollars as of 2019 – 2020. He owns over 6,667 units of Overstock.com stock worth over $17,879,195 and over the last 17 years, Michael sold OSTK stock worth over $1, 187,200.
Where does Patrick Michael live?
Because of security reasons, Michael has not shared his precise location of residence. We will immediately update this information if we get the location and images of his house.
Is Patrick Michael dead or alive?
Michael is alive and in good health. There have been no reports of him being sick or having any health-related issues.
Patrick M. Byrne Twitter
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