Patrick Byrne is a U.S based businessman. He is well known for being the CEO of Overstock.com. He served as the CEO of the company for nearly two decades. He resigned from his position in 2019.
Patrick Byrne Biography And Net Worth
|Net worth||$ 75 million|
|Full Name||Patrick Michael Byrne|
|Birth Date||November 29, 1962|
|Birthplace||Fort Wayne, Indiana, United States|
Patrick Byrne Early Life
Born in Fort Wayne, Indiana, Patrick Byrne grew up in Woodstock, Vermont. He also spent some period of his life growing up in Hanover, New Hampshire. Patrick Byrne’s father was John J. Byrne who was a former chairman of insurance subsidiary ‘GEICO’ and ‘White Mountains Insurance Group’.
Patrick Byrne Education
Patrick Byrne has a very impressive educational background. He has a certificate from Beijing Normal University. He enrolled in Dartmouth college and earned a Bachelor of Arts degree in Chinese. He was a Marshall Scholar at King’s College and that is where he got his master’s degree. In addition to this, Byre also earned a Ph.D. degree in Philosophy from Stanford University.
Patrick Byrne Early Career
Byrne spends 3 years (1989 – 1991) as a teaching fellow at Stanford University. Following that he was a manager at the Blackhawk Investment Co. and Elissar, Inc. Byrne was CEO, Chairman, and President of an industrial torch manufacturing company ‘Centricut, LLC’. He later served as the CEO, Chairman, and President of ‘Fechheimer Brothers, Inc.’ It was a company that manufactured police, firefighters, and military uniforms.
Patrick Byrne Overstock.com
After working for these two companies, in 1999, he was approached by the owner of D2-Discounts Direct. The owner wanted Byrne for operating capital. After hearing the idea of online closeouts and finding it interesting, he invested 7 million dollars in the company. He renamed the company Overstock.com and held the position of CEO.
He developed the IPO for the company in 2002. Overstock was one of the first companies to go public under the ‘Dutch auction method. In his position, Byrne also encouraged the use of blockchain technology and the use of cryptocurrencies including bitcoin. The company also established various projects including online auction platforms, real estate, travel booking, and auto sales. But all these ventures were shut down. Although Overstock.com developed itself successfully in the initial years, it started losing its business to other e-commerce retailers. Some of its big competitors included Amazon and Wayfair.
With his interest in cryptocurrency, Byrne made Overstock.com the first major retailer to accept payment in bitcoin. However, the company faced a major loss of 316 million dollars over two years. This was due to Byrne’s focus and investment in blockchain and crypto.
Patrick Byrne Personal Life
Patrick made an announcement of having a relationship with Russian agent Maria Butina in 2019. Following this announcement, he made claims that he supported a deep state conspiracy theory. After this, he was asked to step down from Overstock.com. As a result, he resigned in 2019. He resigned from both his positions as CEO and board member.
Patrick Byrne’s Net Worth
Byrne is a business and served as CEO for Overstock.com. He has a strong educational background and before joining Overstock.com, he also managed two other companies. With a long career in business, Byrne has amassed a net worth of 75 million dollars.
Patrick Byrne Features