OSTK
OVERSTOCK.COM
15.97
USD
-4.61-22.40%
Overstock.com Inc. shares fell for a third day Wednesday as investors reacted to statements by Chief Executive Officer Patrick Byrne that he was a part of federal investigations related to the 2016 election.
The e-commerce company has lost a third of its value in the two days since releasing a statement by Byrne titled “Overstock.com CEO Comments on Deep State” and referring to federal investigators as “the Men in Black.” The stock fell another 23% on Wednesday, bringing its slide to 36% since Monday, the biggest two-day slump in more than 11 years.
Byrne’s statement addressed stories published on a little-known news website and referenced investigations relating to the Clintons and Russian interference in the U.S. elections, political espionage and the rule of law.
“I will speak no more on the subject,” Byrne wrote in the statement. “Instead, having lived in places lacking Rule of Law and having witnessed the consequences of its absence, I plan on sitting back and watching the United States Department of Justice re-establish Rule of Law in our country.”