Overstock.com

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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

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]

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.[7]

References