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The article makes it sound like his ouster had nothing to do with Maria Butina, and everything to do with speculating on shady crypto ventures. > The problem i
by olooney 7y ago
The article makes it sound like his ouster had nothing to do with Maria Butina, and everything to do with speculating on shady crypto ventures.
> The problem is, with just two tokens—representing Overstock’s and Tzero’s own shares—available to trade on Tzero’s platform, almost no one uses it. The company says it is aiming for 5 to 10 tokens by the end of the year.
A nearly empty stock exchange that no one uses. What a joke.
> Fumed Byrne in May, after investors bombarded him with calls and emails when he sold 900,000 shares of stock, “Frankly, I had no idea that shareholders would demand explanations of why and how I might want to use my cash derived from my labor and my property to pursue my ends in life.”
Nonsense. Every CEO is familiar with the concept of "skin in the game." You're cashing out because you've lost confidence, and that sends a signal to your shareholders.
- orf 7y ago> A nearly empty stock exchange that no one uses. What a joke. What a terrible, terrible website. No wonder nobody uses it. Who asks for your email a section that fills the entirety of your window without giving you any information as to what the site is (and no, "Enabling the market to tokenize and trade digital assets through blockchain technology." isn't any information): https://www.tzero.com/ https://www.tzero.com/ Looks like a basic beginner marking site template filled with absolute nonsense: > Our goal is to make traditional markets more efficient, reliable, and accessible to everyone. We are creating platforms and products that overcome the limits and constraints of legacy market models by introducing new possibilities and making significant improvements to elevate the status quo. Many paragraphs just like that, but none that really describe what it is, how it benefits me or how I access it.
- rolltiide 7y ago"Nonsense. Every CEO is familiar with the concept of "skin in the game." You're cashing out because you've lost confidence, and that sends a signal to your shareholders." > Byrne is the beneficial owner of 4,910,431 Overstock shares as of May 16 Why should he have to justify his sale of a fraction of that, 15% before the sale? Jack Dorsey doesn't have to justify his monthly sales of 70,000 Square shares, typically netting him 4 million usd. https://google.brand.edgar-online.com/default.aspx?sym=SQ https://google.brand.edgar-online.com/default.aspx?sym=SQ , see Jack Dorsey Form 4's Skin in the game? Jack Dorsey simultaneously prints completely new Class B shares, and converts them to Class A common stock, continuously diluting everyone. Jack Dorsey satisfies your would-be criticism if held to the same standard by creating new shares at $0.00 for every one he sells for millions. What is the difference in the tolerance people have for Jack Dorsey's behavior and Patrick Byrne's behavior? The mere element of surprise and lack of pattern?
- x0x0 7y agoI'd imagine this has something to do with it: > Overstock’s heavily shorted stock plummeted from $87 in the beginning of 2018 to about $17 today as some $1.6 billion in market capitalization has evaporated. Once reliably profitable, Overstock lost $206 million last year and $110 million in 2017. In recent months, Byrne fired some 400 people. That's the context in which the ceo dumped 15% of his holdings.
- rolltiide 7y agoI treat everything like a trade. If I have shares in my portfolio even because I happened to have issued them, I trade them just like anything else I own. Do I want fiat? Sell asset for fiat. If I see an opportunity I would consider rebalancing the portfolio. Some shareholders have anxiety problems grasping for confidence from aspects that are irrelevant.