Overstock Shares Up 10% As CEO Resigns Over Russian Spy Affair, 'Political Espionage'

Overstock.com saw its shares spike 10% on Wall Street after its CEO Patrick M. Byrne resigned due to the fallout arising from his intimate relationship with Russian spy Marina Butina, allegedly at the behest of the FBI.

Byrne also claims the FBI goaded him into entering into a relationship with Butina to gather intelligence as part of a “soft coup” by the “deep state” against both Hillary Clinton and Donald Trump, who were both candidates for president at the time.

Byrne claims he was approached by Butina in 2015, and later came to suspect she might be a Russian spy. Byrne contacted the FBI, which told him to continue the relationship with Butina. He and Butina had an intimate relationship for the next three years. Butina’s lawyer confirmed Byrne’s relationship with his client.

Byrne’s participation in this plot, which smacks of a Hollywood cloak-and-dagger movie, is difficult to confirm and remains bizarre given what’s known about it.

Byrne’s fortunes began to spiral downhill after he approved the issuance of a press release hoping to explain this sordid affair. This press release, under the title, “Overstock.com CEO Comments on Deep State, Withholds Further Comment,” was issued Aug. 12.

In it, Byrne said two stories published by journalist and Fox News contributor Sara Carter about his involvement with the deep state in this alleged plot are true.

“Her two stories are accurate,” said Byrne.

He went on to explain that starting in 2015, he “assisted in what are now known as the ‘Clinton Investigation’ and the ‘Russian Investigation’.” He did so under the belief he was helping legitimate law enforcement efforts.

He then claimed he’s “the notorious ‘missing Chapter 1’ of the Russian investigation” (of former special counsel Bob Mueller).

“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,” he said.

“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).”

He said he got wise to the alleged deep state plot a few months later.

“In July 2018 I put the pieces together. I immediately (last July) came forward to a Congressman and a senior military officer, to the Department of Justice this April, and (upon my Omaha Rabbi reminding me of my duty as a citizen late this June) to a small set of journalists this summer.”

Byrne then declared: “I will speak no more on the subject.”

Under Byrne’s leadership, Overstock made its fortune selling low-priced surplus and returned merchandise online. On the other hand, Overstock’s stock price plunged more than 40% in the days after Byrne first revealed his role in this alleged intel operation to Carter.

“While I believe that I did what was necessary for the good of the country, for the good of the firm, I am in the sad position of having to sever ties with Overstock, both as CEO and board member,” said Byrne in a statement.

Overstock’s shares Thursday hit $21.76 compared to the opening price of $19.75 but ended the regular trading day at $21.12, up 8.3%.