(Reuters) – Overstock.com Inc Chief Executive Officer Patrick Byrne on Friday hit out at shareholders who questioned the sale of a portion of his stake in the company, after the online retailer’s shares plunged on Thursday following the disclosure of his move.
Shares of the company that offers a range of lower-priced luxury goods, fell over 15% after a filing revealed Byrne, the largest shareholder in the company, had sold about 500,000 of his shares, or 9% of his stake.
Byrne said on Friday his stock sales had created “an unanticipated stir”.
“Not once have I ever asked a shareholder for his reasons in any decision he made. Yet, given the consternation this has caused, I will give answer, to preclude further recurrence of mass vapors,” Byrne said.
Byrne said the stake sale was to fund a variety of his projects including a blockchain investment and supplement his nominal salary of $100,000 annually.
Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shailesh Kuber