Difference between revisions of "Overstock.com"

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{{Infobox_Company  <!-- Feel free to remove comments like this when you add real info -->
 
{{Infobox_Company  <!-- Feel free to remove comments like this when you add real info -->
 
| company_name = Overstock.com
 
| company_name = Overstock.com
 
| company_logo =  [[Image:overstock.png{{!}}200px]]
 
| company_logo =  [[Image:overstock.png{{!}}200px]]
| key_people =    [Patrick M. Byrne], Founder and CEO
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| key_people =    Jonathan E. Johnson III, Interim CEO; [[Patrick M. Byrne]], Founder and ex-CEO
 
| foundation =    1999
 
| foundation =    1999
 
| location =      Salt Lake City, Utah
 
| location =      Salt Lake City, Utah
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Under the leadership of its founder, blockchain enthusiast [[Patrick Byrne]], Overstock.com owns and operates [[TZERO]] and [[Medici Ventures]] in addition to being a tech-focused online retailer. Overstock.com is a publicly traded company whose largest shareholder is Byrne with a 20.2% holding.<ref>{{cite web|url=https://www.wsj.com/articles/overstocks-founder-bets-on-blockchain-not-bedsheets-1542969001|name=Overstock’s Founder Bets on Blockchain, Not Bedsheets|org=Wall Street Journal|date=January 4, 2019}}</ref>  
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Overstock.com is an online business that primarily sells surplus wholesale products to retail customers.
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== Overview ==
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Under the leadership of its founder, blockchain enthusiast [[Patrick Byrne]], Overstock.com owns and operates [[tZERO]] and [[Medici Ventures]] in addition to being a tech-focused online retailer. Overstock.com is a publicly-traded company whose largest shareholder is Byrne with a 20.2% holding.<ref>{{cite web|url=https://www.wsj.com/articles/overstocks-founder-bets-on-blockchain-not-bedsheets-1542969001|name=Overstock’s Founder Bets on Blockchain, Not Bedsheets|org=Wall Street Journal|date=January 4, 2019}}</ref>  
  
 
Overstock.com was one of the first retailers to accept [[bitcoin]] as payment by customers for goods.<ref>{{cite web|url=http://money.cnn.com/2017/12/18/news/companies/overstock-ico-ceo-byrne/index.html|name=Overstock is turning into a bitcoin tech company|org=CNN|date=July 8, 2018}}</ref>
 
Overstock.com was one of the first retailers to accept [[bitcoin]] as payment by customers for goods.<ref>{{cite web|url=http://money.cnn.com/2017/12/18/news/companies/overstock-ico-ceo-byrne/index.html|name=Overstock is turning into a bitcoin tech company|org=CNN|date=July 8, 2018}}</ref>
  
With its focus on blockchain technology and bitcoin, Overstock.com shares suffered as the prices for cryptocurrencies receded throughout 2018 losing 21% of their value by August, well before the markets-wide fourth quarter share price rout.<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2018-08-14/overstock-loses-21-percent-of-market-value-as-crypto-craze-fades|name=Overstock Loses 21 Percent of Market Value as Crypto Craze Fades|org=Bloomberg|date=January 4, 2019}}</ref>   
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With its focus on blockchain technology and bitcoin, Overstock.com shares suffered as the prices for cryptocurrencies receded throughout 2018 losing 21% of their value by August, well before the markets-wide fourth-quarter share price rout.<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2018-08-14/overstock-loses-21-percent-of-market-value-as-crypto-craze-fades|name=Overstock Loses 21 Percent of Market Value as Crypto Craze Fades|org=Bloomberg|date=January 4, 2019}}</ref>   
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In September 2018, Byrne told Forbes in an interview that Overstock.com would begin selling bitcoin on its website early the next year using the new Bitsy [[wallet]]. Bitsy, which is designed for easy use by Overstock.com's non-tech-savvy customer base, is owned by Medici Ventures.<ref>{{cite web|url=https://www.forbes.com/sites/astanley/2018/09/14/overstock-to-sell-bitcoin-through-its-website-in-2019-through-bitsy-wallet/#77f16a4e6f1a|name=Overstock To Sell Bitcoin Through Its Website In 2019 With Bitsy Wallet|org=Forbes|date=January 4, 2019}}</ref>
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In November 2018 Byrne told the Wall Street Journal that he has been planning to sell Overstock's retail business, leaving the company with Medici Ventures and tZERO.<ref>{{cite web|url=https://www.wsj.com/articles/overstocks-founder-bets-on-blockchain-not-bedsheets-1542969001|name=Overstock’s Founder Bets on Blockchain, Not Bedsheets|org=Wall Street Journal|date=January 4, 2019}}</ref>
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On January 3, 2019, the company announced to its investors that it would pay some of its ongoing business taxes in Ohio through that state's first in the nation crypto-payments service, [[OhioCrypto.com]].<ref>{{cite web|url=https://www.coindesk.com/overstock-will-pay-some-of-its-2019-taxes-in-bitcoin|name=Overstock Will Pay Some of Its 2019 Taxes in Bitcoin|org=CoinDesk|date=January 4, 2019}}</ref>
  
In September 2018, Byrne told Forbes in an interview that Overstock.com would begin selling bitcoin on its website early the next year using the new Bitsy [[wallet]]. Bitsy, which is designed for easy use by Overstock.com's non tech-savvy customer base, is owned by Medici Ventures.<ref>{{cite web|url=https://www.forbes.com/sites/astanley/2018/09/14/overstock-to-sell-bitcoin-through-its-website-in-2019-through-bitsy-wallet/#77f16a4e6f1a|name=Overstock To Sell Bitcoin Through Its Website In 2019 With Bitsy Wallet|org=Forbes|date=January 4, 2019}}</ref>  
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In late September 2019, after Byrne's departure from Overstock.com, the company was sued by an investor in a Utah federal court for several of its business practices, including CEO Byrne's extensive travel schedule which according to the suit entailed his "spreading his blockchain gospel, despite the fact that Overstock was hemorrhaging cash."<ref>{{cite web|url=https://www.theblockcrypto.com/post/41360/overstock-com-and-execs-sued-for-securities-fraud-crypto-strategy-and-bizarre-ceo-statements-cited|name=Overstock.com and execs sued for securities fraud; crypto strategy and “bizarre” CEO statements cited|org=The Block Crypto|date=September 30, 2019}}</ref>
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=== Byrne steps down ===
  
In November 2018 Byrne told the Wall Street Journal that he has been planning to sell Overstock's retail business, leaving the company with Medici Ventures and TZERO.<ref>{{cite web|url=https://www.wsj.com/articles/overstocks-founder-bets-on-blockchain-not-bedsheets-1542969001|name=Overstock’s Founder Bets on Blockchain, Not Bedsheets|org=Wall Street Journal|date=January 4, 2019}}</ref>  
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Byrne stepped down from his roles as CEO and board member of Overstock.com in August 2019 after confirming that he had been in an at times romantic relationship with Maria Butina, a Russian national accused of spying but convicted of a lesser crime.<ref>{{cite web|url=https://www.nytimes.com/2019/08/22/business/overstock-ceo-patrick-byrne.html|name=Patrick Byrne, Overstock C.E.O., Resigns After Disclosing Romance With Russian Agent|org=New York Times|date=August 22, 2019}}</ref>  
  
On January 3, 2019, the company announced to its investors that it would pay some of its ongoing business taxes in Ohio through that state's first in the nation crypto-payments service, [[OhioCrypto.com]].<ref>{{cite web|url=https://www.coindesk.com/overstock-will-pay-some-of-its-2019-taxes-in-bitcoin|name=Overstock Will Pay Some of Its 2019 Taxes in Bitcoin|org=CoinDesk|date=January 4, 2019}}</ref>  
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Byrne's successor, Jonathan Johnson, said publicly that he intended to continue Byrne's pursuit of furthering the blockchain arm of his business. When asked about his attitude towards cryptocurrency, Johnson said, "not only have I drunk the Kool-Aid, I'm drunk on the Kool-Aid."<ref>{{cite web|url=https://www.coindesk.com/dont-worry-overstocks-new-ceo-is-already-drinking-the-bitcoin-kool-aid|name=Don’t Worry, Overstock’s New CEO Is Already ‘Drunk on Bitcoin’s Kool-Aid’|org=Coindesk|date=August 26, 2019}}</ref>  
  
 
== References ==
 
== References ==

Latest revision as of 12:59, 30 September 2019

Overstock.com
Overstock.png
Founded 1999
Headquarters Salt Lake City, Utah
Key People Jonathan E. Johnson III, Interim CEO; Patrick M. Byrne, Founder and ex-CEO
Employees 1700
Products Online home goods retailer; TZERO and Medici Ventures
Twitter @Overstock
LinkedIn Profile
Facebook overstock
Website Overstock.com
Releases Company News

Overstock.com is an online business that primarily sells surplus wholesale products to retail customers.

Overview

Under the leadership of its founder, blockchain enthusiast Patrick Byrne, Overstock.com owns and operates tZERO and Medici Ventures in addition to being a tech-focused online retailer. Overstock.com is a publicly-traded company whose largest shareholder is Byrne with a 20.2% holding.[1]

Overstock.com was one of the first retailers to accept bitcoin as payment by customers for goods.[2]

With its focus on blockchain technology and bitcoin, Overstock.com shares suffered as the prices for cryptocurrencies receded throughout 2018 losing 21% of their value by August, well before the markets-wide fourth-quarter share price rout.[3]

In September 2018, Byrne told Forbes in an interview that Overstock.com would begin selling bitcoin on its website early the next year using the new Bitsy wallet. Bitsy, which is designed for easy use by Overstock.com's non-tech-savvy customer base, is owned by Medici Ventures.[4]

In November 2018 Byrne told the Wall Street Journal that he has been planning to sell Overstock's retail business, leaving the company with Medici Ventures and tZERO.[5]

On January 3, 2019, the company announced to its investors that it would pay some of its ongoing business taxes in Ohio through that state's first in the nation crypto-payments service, OhioCrypto.com.[6]

In late September 2019, after Byrne's departure from Overstock.com, the company was sued by an investor in a Utah federal court for several of its business practices, including CEO Byrne's extensive travel schedule which according to the suit entailed his "spreading his blockchain gospel, despite the fact that Overstock was hemorrhaging cash."[7]

Byrne steps down

Byrne stepped down from his roles as CEO and board member of Overstock.com in August 2019 after confirming that he had been in an at times romantic relationship with Maria Butina, a Russian national accused of spying but convicted of a lesser crime.[8]

Byrne's successor, Jonathan Johnson, said publicly that he intended to continue Byrne's pursuit of furthering the blockchain arm of his business. When asked about his attitude towards cryptocurrency, Johnson said, "not only have I drunk the Kool-Aid, I'm drunk on the Kool-Aid."[9]

References