Overstock.com head steps down

  • Stepping down: Patrick Byrne, CEO of Ovestock.com, signs an MOU in April, 2018, with the Bermuda Government as David Burt, the Premier, looks on

    Stepping down: Patrick Byrne, CEO of Ovestock.com, signs an MOU in April, 2018, with the Bermuda Government as David Burt, the Premier, looks on


The head of a company that pledged to create fintech jobs in Bermuda has stepped down after bizarre comments in a series of media interviews.

Patrick Byrne, founder and CEO of Overstock.com, resigned on Thursday after he told several news outlets he had been an FBI operative and helped the agency commit “political espionage”.

He also claimed the agency had instructed him to pursue a relationship with Russian spy Maria Butina. Mr Byrne made headlines on the island in April last year when he signed a memorandum of understanding with Bermuda to create jobs and educational opportunities for Bermudians through Medici Ventures, an Overstock.com subsidiary formed to incubate, launch and invest in blockchain.

A government spokesman said the company would make Bermuda its “laboratory” for blockchain investments and would create at least 30 jobs in three years.

Medici Ventures has not responded to a request for comment sent last Friday on whether the change in leadership of the company would affect its plans for Bermuda.

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Published Aug 27, 2019 at 8:00 am (Updated Aug 27, 2019 at 7:56 am)

Overstock.com head steps down

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