Overstock Founder Sells $3 Million Shares; Barron’s (OSTK)

Overstock OSTK founder and Chief Executive Officer, Patrick Byrne, sold 140,000 company shares between May 20 and May 24, at an average price of $22.25 each. The entire deal is estimated to be worth $3.1 million. Byrne told Barron’s, “In the 10 years since we launched Overstock.com, I've invested over $30 million into the business but never took a dollar of salary or sold a share of stock, until this week, when I sold 2%.” Jonathan Moreland of InsiderInsights.com told Barron’s, “The stock has held up very well during the pullback over the last couple of weeks and the percentage of his holdings that he sold is not very large. It looks like standard profit-taking to me and understandably so given the jitters in the overall market.”