The net worth of entrepreneur Patrick Byrne is $75 million. The birthday of Patrick Byrne is November 29, 1962. Fortune Magazine referred to him as the “Renaissance man of e-commerce” as the founder and CEO of Overstock.com.
Overstock.com was the first online retailer to accept bitcoin; in ten years, its value increased to one billion dollars.
Byrne was born on November 29, 1962 in Fort Wayne, Indiana. After being born in Woodstock, Vermont, he was raised in Hanover, New Hampshire.
His father, John J. Byrne, was the former chairman of two insurance companies owned by Berkshire Hathaway: White Mountains Insurance Group and GEICO. His father was close friends with Berkshire Hathaway’s chairman, Warren Buffett.
Byrne holds degrees in philosophy from Stanford University, Cambridge University, Beijing Normal University, Dartmouth University, and Stanford University. He also holds a Bachelor of Arts in Chinese from Dartmouth University.
In addition to his adjunct professorship at Stanford University, Byrne worked for Blackhawk Investment Co. and Elissar, Inc. between 1989 and 1991.
Chairman, president, and CEO were his titles at Fechheimer Brothers Inc, a Berkshire Hathaway subsidiary that manufactures uniforms for law enforcement, firefighters, and the military.
Patrick Byrne’s wealth is:
Patrick Byrne has a net worth of $75 million. He is best known for serving as the previous CEO of Overstock.com.
He founded Overstock in 1999 and went public with the company in 2002. In addition to being an advocate for cryptocurrencies, he gained fame in 2005 for his crusade against unlicensed naked short selling. Overstock.com was the first significant online retailer to accept bitcoin in 2014.
Byrne took a leave of absence in 2016 for health-related reasons. He resigned in 2019 due to allegations of an intimate relationship with Maria Butina and his incendiary comments. Additionally, he has served as an investigative journalist and as the CEO of EdChoice. He was named Ernst & Young’s Entrepreneur of the Year.
Patrick announced in September 2019 that he would sell all 4,8 million of his shares, representing 13 percent of Overstock. A few weeks before the sale announcement, a peculiar press statement on the Maria Butina scandal was issued.
According to an SEC filing, Patrick sold all but 87,000 of the company’s shares on September 18, 2019, netting $90 million before taxes. 87,000 additional shares were donated to an unknown organisation.
In 1999, Byrne was approached by the founders of D2-Discounts Direct seeking working capital. He had previously managed two smaller businesses.
The company earned slightly more than $500,000 the previous year by selling excess furniture inventory online. In the spring of 1999, Byrne, who was intrigued by the concept of online sales, invested $7 million for a 60 percent stake in the company.
Overstock.com changed its name in the month that followed his appointment as CEO in September of that year.
Overstock.com was one of the first companies to go public using the Dutch auction process. Instead of using investment banks as underwriters, WR Hambrecht + Co. devised this strategy to keep more capital within the company.
Byrne stated that as a result, rival banks attempted to block the company’s IPO by publishing negative reports and shorting its shares. According to Byrne, Wall Street firms published negative articles about Google’s IPO in 2004, but this did not prevent the company from going public.
Clay Corbus, the former co-CEO of Hambrecht, was appointed to the Overstock board four years after the IPO. As part of his work, Byrne advocated for the adoption of blockchain technology and digital currencies such as Bitcoin.
Beginning in April 2017, he led fruitless efforts to sell Overstock’s retail division. In the late 2010s, Overstock built a new headquarters at the base of the Wasatch Mountains in Utah; however, after a series of layoffs, a portion of the building remained vacant.
In 2013, when Byrne began investing in cryptocurrencies and blockchain technology, Overstock became the first major retailer to accept bitcoin. Byrne supported Tzero, a new digital exchange dubbed the “blockchain equivalent of Nasdaq,” by altering Overstock’s balance sheet; Tzero’s initial coin offering (ICO) was largely unsuccessful.
In 2017 and 2018, Overstock suffered substantial losses due to Bryne’s increased emphasis on technology. Overstock has lost 316 million euros over the past two years, which is more than double its profit over the previous two years.
Byrne was hospitalized for the majority of his 20s due to testicular cancer, which he developed shortly after college graduation and beat. He is a Taekwondo black belt. In addition, he owns a number of residences in Sarasota, Florida, which he acquired through the fictitious Manatee Investments LLC.