Overstock Founder, CEO Announces Sale For Blockchain Focus As Company’s Stocks Begin To Spike

2018-11-26 16:10

Patrick Byrne, founder and CEO of Overstock, announced that he was working on selling the company in a report from the Wall Street Journal on November 23rd. Much of the mutual opinion is that he is seeking ways to get more involved in blockchain instead, but his departure has had a positive impact on Overstock’s shares. Despite having already lost 66% this year, shares recently went up by 23.26%.

Overstock is one of the most well-known and profitable retail companies that the internet has available. It sells everything from furniture to jewelry, and everything in between. However, their path to making over the company as a blockchain startup accelerator, supported by subsidiary Medici Ventures, has come with many losses.

Since the company chose to support tZero three years ago, the startup still hasn’t held their launch, and is causing Overstock to hemorrhage money every day. Byrne never faltered in his believe that startups will be the future of the Overstock brand, maintaining the $130 million raised for the tZero tokens.

Medici Ventures launched through Overstock in 2014, accepting close to $200 million in investments, and they are far from breaking even. The company took a loss of $39 million in the first three quarters of 2018, adding to the $22 million net loss they sustained in 2017. This year for Overstock, the losses for the first three quarters of the year have added up to $163 million, but the founder seemed to have shifted his gaze to the attractive profits that blockchain could offer.

The public statement of the company states that they do not see bitcoin or cryptocurrency at all as the driver for their business, even after they started accepting Bitcoin several years ago. During the first year, Bitcoin accounted for less than 4% of their profit, while it accounts for about 17% now. Still, Byrne told investors that the company doesn’t possess “significant bitcoin holdings.” Surprisingly, the share price of Overstock has appeared to be almost linked with Bitcoin’s market performance. Since Bitcoin’s 2017 bull run, Overstock has seen a 400% surge.

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overstock ceo founder blockchain company seeking positive

Источник: bitcoinexchangeguide.com

overstock ceo → Результатов: 24


Overstock продаст свой бизнес и сосредоточится на блокчейне

Американский онлайн-ритейлер Overstock готовится продать свой бизнес и сфокусироваться исключительно на своих блокчейн-инициативах. CNBC, ссылаясь на комментарии CEO Overstock Патрика Бирна для Wall Street Journal, сообщил, что продажа может произойти уже в феврале.

2018-11-26 12:59


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Overstock Moves up by 26 Percent after CEO Revealed the Company Will Focus Solely on Crypto From February

Overstock.com Inc. experienced a huge surge in interest from investors as the price of their shares went up by 26 percent in anticipation of their next big move. The Wall Street Journal recently reported that Overstock CEO Patrick Byrne is planning to sell the retail wing of the company to focus exclusively on its cryptocurrency businesses […] Overstock Moves up by 26 Percent after CEO Revealed the Company Will Focus Solely on Crypto From February was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-11-26 20:59


Патрик Берн продаст ритейл-подразделение Overstock, чтобы сфокусироваться на блокчейне

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2018-11-24 12:10


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Overstock распродает бизнес и сосредоточится на блокчейне

Компания Overstock собирается продать свой бизнес в сфере розничной торговли с 20-летней историей и полностью посвятить себя индустрии блокчейна. Об этом заявил CEO Overstock Патрик Бирн.

2018-11-24 23:00


OverStock’s Patrick Byrne Says Bitcoin Is Great For Communicating And Transacting Without Central Institutions

It's not easy to admit when a new system of doing things, like blockchain and Bitcoin, allows people to do something that many of these companies started off being. But the CEO of Overstock, Patrick Byrne, has been discussing the regulation of cryptocurrency and blockchain technology in an exclusive interview with Noami Brockwell on Youtube […]

2018-11-10 09:28


Bitcoin, Blockchain and Cryptocurrency News For Today November 7th [VIDEO] – Part 2

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2018-11-8 08:13


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Overstock CEO Interview on Governments, Bitcoin and the Modern Financial System that is a Ponzi Scheme

Patrick Byrne, the CEO of Overstock. com made interesting revelations in a recent interview with Naomi Brockwell, a YouTuber. Byrne described himself as “a national security libertarian” and believes that blockchain technology gives people freedom, privacy, and anonymity, which is both a good and a bad thing depending on the individuals involved.

2018-11-7 16:59


Фото:

Глава Overstock инвестировал в соцсеть на блокчейне

Социальная сеть на блокчейне Minds объявила о получении $6 млн в рамках финансирования Серии A. Раунд возглавил известный поклонник биткоина и CEO Overstock Патрик Берн и его венчурная фирма Medici Ventures.

2018-10-27 15:00


Фото:

Патрик Берн инвестировал $6 млн в социальную сеть на блокчейне Minds

Социальная сеть на блокчейне Minds объявила о получении $6 млн в рамках финансирования Серии A. Раунд возглавил известный поклонник биткоина и CEO Overstock Патрик Берн и его венчурная фирма Medici Ventures.

2018-10-27 11:23


Гигант электронной коммерции Overstock анонсировал продажу биткоина на своем сайте

Дружественный по отношению к биткоину онлайн-ритейлер Overstock. com рассчитывает уже в следующем году начать продажу криптовалюты на своем сайте. Об этом сообщает Forbes. Новый функционал будет реализован при помощи криптокошелька Bitsy, который разработала входящая в инвестиционный портфель Overstock компания Medici Ventures.

2018-9-14 18:25


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