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Overstock has been the target of naked short selling before and now Patrick Byrne, CEO of Overstock, is on a crusade to change the stock market to make it impos
by aquilaFiera 11y ago
Overstock has been the target of naked short selling before and now Patrick Byrne, CEO of Overstock, is on a crusade to change the stock market to make it impossible to do so. This is an oversimplification, but it is also a great motivating factor.
http://en.wikipedia.org/wiki/Naked_short_selling http://en.wikipedia.org/wiki/Naked_short_selling
- this_user 11y agoHe seems to be doing all kinds of things regarding Bitcoin lately - and has actually lost the company quite a bit of money by holding it on their balance sheet. None of this has really anything to do with OSTK's core business. Maybe Byrne is trying to pull a Bezos, but I wonder how long investors will let these adventures go on.
- caminante 11y agoInteresting, according to a BI article[1], 1. Byrne alleged HF's (e.g. SAC/Cohen) were colluding to short Overstock. 2. Byrne claimed that naked short selling resulted in 6x the "actual supply" of overstock shares in the market (i.e. Short sellers were borrowing=>selling a lot of shares without actually securing those shares.) 3. Byrne took out a $100K ad in the WSJ in 2013, saying FU to SAC when Cohen was forced to scuttle his firm due to reg investigations. [1] http://www.businessinsider.com/overstockcom-ceo-explains-anti-sac-ad-2013-7 http://www.businessinsider.com/overstockcom-ceo-explains-ant...