Patrick M. Byrne
| Patrick M. Byrne | |
|---|---|
| Born |
Patrick Michael Byrne 1962 (age 54–55) Fort Wayne, Indiana, U.S. |
| Nationality | American |
| Alma mater |
Dartmouth College, B.A. Philosophy, Asian Studies Cambridge University, M.A. Mathematical Logic Stanford University, Ph.D Philosophy |
| Occupation | CEO and Chairman, Chairman, EdChoice Investigative Journalist, Deepcapture.com |
| Awards | Entrepreneur of the Year |
| Website | http://www.deepcapture.com |
Patrick M. Byrne (born 1962, Fort Wayne, Indiana,) is an American entrepreneur, e-commerce pioneer and CEO of . In 1999, Byrne launched Overstock, after leading two smaller companies, including one owned by Warren Buffett's Berkshire Hathaway.
In 2002, Byrne took Overstock.com public. Since its initial public offering, Overstock.com has increased revenue to almost $1.8 billion, while achieving profitability in 2009.
In 2005, Byrne become known for his campaign against illegal naked short selling. Byrne and securities regulators maintain illegal naked shorting has been used in violation of securities law to distort prices of public companies' stock. Under his direction, Overstock.com filed two lawsuits alleging improper acts by Wall Street firms, a hedge fund, and an independent research firm. In each case the defendants have settled with Overstock out of court.
More recently, Byrne has advocated for cryptocurrencies such as bitcoin. In January 2014, Overstock.com became the first major online retailer to accept bitcoin.
Byrne took an indefinite leave of absence from Overstock.com in April 2016 because of Hepatitis C complications. The general counsel, Mitch Edwards, was named acting CEO. Byrne returned in July 2016 as CEO after Hepatitis C recovery.
Patrick Byrne is the son of John J. Byrne, former chairman of Berkshire Hathaway's GEICO insurance subsidiary and White Mountains Insurance Group. He holds a certificate from Beijing Normal University, has a Bachelor of Arts degree in Chinese studies from Dartmouth College, a master's degree from Cambridge University as a Marshall Scholar, and a Ph.D. in philosophy from Stanford University.
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