Overstock shares plummeting after CEO’s comments on the ‘deep state’
Shares for Overstock.com continue to see a sharp decline after the company released a statement on Monday discussing the “deep state.”
Overstock CEO Patrick Byrne stated earlier in the week that he began speaking with federal investigators in 2015, whom he refers to as “the Men in Black,” about the Clintons and Russian interference in the U.S. election.
This is one of the weirdest things I've ever seen in the stock market.
— Joe Weisenthal (@TheStalwart) August 14, 2019
Shares of Overstock have crashed over 36% in two days in the wake of the CEO issuing a statement about "The Deep State" https://t.co/cyxxfkgchf pic.twitter.com/b1xHS5oFuU
Bryne claims to have offered federal law enforcement his theories on both the investigations after successfully putting all “the pieces together.”
The CEO specifically alleges that both investigations were “less about law enforcement and more about political espionage conducted against Clinton and Donald Trump.”
Bryne failed to provide any specifics on his bizarre remarks, concluding his statement with even more vague commentary.
“I will speak no more on the subject,” Byrne wrote. “Instead, having lived in places lacking Rule of Law and having witnessed the consequences of its absence, I plan on sitting back and watching the United States Department of Justice re-establish Rule of Law in our country.”
The unconventional statement was followed by a significant drop in the company’s value. Overstock.com’s shares have crashed by 36% thus far, according to Bloomberg, marking “the biggest two-day slump in more than 11 years.”
The “deep state” commentary appears to have wiped out a month’s worth of gains made by the company in early 2019.
Financial analyst Tom Forte says the timing of the statement has been incredibly negative for the company given that it recently returned to positive cash flow.
“What you have here is a highly controversial CEO and another example of something that’s controversial,” Forte said. “There are times like right now where that has a negative impact on the performance of the stock.”
READ MORE:
- QAnon believers link small-town arrest to deep state conspiracy without evidence
- Trump says he doesn’t like the term ‘deep state,’ but tweets out ‘deep state’
- This far-right deep state theory about the 2018 midterms will melt your brain
H/T Bloomberg
The post Overstock shares plummeting after CEO’s comments on the ‘deep state’ appeared first on The Daily Dot.