Patrick Byrne’s Net Worth
Patrick Byrne is an American entrepreneur who features a net worth of $75 million. He’s best known for being the former CEO of Overstock.com. He was named Entrepreneur of the Year by Ernst & Young.
Early Life and Career
Patrick Byrne was born in Fort Wayne, Indiana in 1962. He graduated from Dartmouth College and Cambridge University and earned his Ph.D. from Stanford University.
His father is John J. Byrne, a former chairman of Berkshire Hathaway insurance subsidiary GEICO and White Mountains Insurance Group. Warren Buffett, the top of Berkshire Hathaway, was an in-depth friend of his father.
Byrne worked at Blackhawk Investment Co. and Elissar, Inc. from 1989 to 1991 and was an adjunct professor at Stanford University.
Byrne was approached by the founders of D2-Discounts Direct in 1999 trying to find working capital after running two smaller businesses.
He launched Overstock in 1999 and took the corporate public in 2002. In 2005 he was known for his campaign against illegal naked short sales and has been an advocate for cryptocurrencies with Overstock.com being the primary major online retailer to accept bitcoin in 2014.
Byrne took a leave of absence in 2016 for health reasons. In 2019 he resigned after allegations of him being in an intimate relationship with Maria Butina together with controversial comments he made.
He has also served because the chairman of EdChoice and as an investigative journalist.
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Stock Holdings
In September 2019 Patrick announced his intention to sell all of his shares in Overstock, roughly 4.8 million shares, or 13% of the corporate.
The sale announcement came some weeks after putting out a bizarre press release related to the Maria Butina affair.
On September 18, 2019, an SEC filing confirmed that Patrick had sold about 87,000 shares within the company, generating $90 million in pre-tax proceeds. The remaining 87,000 shares were gifted to an unnamed entity.
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At Fechheimer Brothers Inc, a Berkshire Hathaway company that creates police, firefighter, and military uniforms, he held identical three positions: chairman, president, and CEO.
Byrne promoted the utilization of blockchain technology and cryptocurrencies such as Bitcoin. In some years, the corporate lost money, while in others it made modest profits. Byrne’s tenure was marked by several initiatives that were launched with much enthusiasm but later abandoned or yielded disappointing results.
After taking a medical leave for hepatitis C complications in April 2016, he returned to Overstock.com as CEO in July 2016. Byrne, who stepped down in 2019, had largely given up competing with those larger rivals, including Amazon and Wayfair.
He led unsuccessful attempts to seek out a buyer for Overstock’s retail business starting in 2017. Overstock had built a replacement headquarters at the base of Utah’s Wasatch Mountains in the late 2010s, but a part of the complex had remained empty after a series of layoffs.
Overstock was the primary major retailer to accept bitcoin as payment in 2013 when Byrne began investing in cryptocurrencies and blockchain.
Personal Life
Shortly after graduating from college, Byrne was diagnosed with seminoma. He recovered, but several bouts of the disease kept him hospitalized for many of his twenties.
He is a black belt in taekwondo. A ghost company called Manatee Investments LLC also owns several homes in Sarasota, Florida.
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Salary
Patrick Byrne is rich, so you’ll assume that his salary is higher than that of an average person.
But he has not publicly disclosed his salary for privacy reasons. Therefore, we cannot give an accurate estimate of his salary.
Patrick Byrne may need many sources of income such as investments, business, and salary. His income fluctuates per annum and depends on many economic factors.
