Cyberattacks against accounting software firm Wolters Kluwer and the City of Baltimore in May showed how the newest wave of malicious hacking can have significant, often...Technologyread more
The European parliamentary election is the second largest democratic exercise in the world.Europe Newsread more
Biden had criticized Kim Jong Un as a "dictator" and a "tyrant" at a recent rally in Philadelphia. North Korean state media responded by calling Biden a "fool of low IQ" among...Politicsread more
Buybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.Marketsread more
Fiat Chrysler and France's Renault could soon partner up to take on the sweeping changes to the global auto industry, according to a report in the Financial Times. The...Autosread more
Microsoft shares have gained 133% since November 2015, outperforming a tech "basket of unicorns" over that stretch.Technologyread more
The president's state visit comes amid tensions with carmaker Toyota over potential auto tariffs. Trump has repeatedly threatened Japanese and European carmakers with tariffs.Traderead more
The IRS is about to release a new draft of Form W-4, which will more closely reflect the changes stemming from the Tax Cuts and Jobs Act. For workers, that means they'll need...Personal Financeread more
The Mega Millions jackpot has spilled over $400 million. It would be the ninth largest winning since the game began in 2002.Personal Financeread more
Trump was speaking at a meeting of Japanese business leaders in Tokyo during his state visit to Japan on Saturday.Marketsread more
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
question move@ (Adds details from statement, share movement, details on previous stock sale)
May 17 (Reuters) - Overstock.com Inc Chief Executive Officer Patrick Byrne on Friday hit out at shareholders who questioned the sale of a portion of his stake in the company, after the online retailer's shares plunged on Thursday following the disclosure of his move.
Shares of the company, which offers a range of lower-priced luxury goods, fell about 16% on Thursday after a filing revealed that Byrne, Overstock's largest shareholder, had sold about 500,000 of his shares, or 9% of his stake.
Byrne revealed on Friday that he had sold a total of about 900,000 of his shares, or 15.5%, which had created "an unanticipated stir" among the company's shareholders.
Byrne, in a letter to shareholders, said people who he had never heard of were demanding answers regarding the timing, reasoning and purpose of the sale.
"Not once have I ever asked a shareholder for his reasons in any decision he made. Yet, given the consternation this has caused, I will give answer, to preclude further recurrence of mass vapors," Byrne said.
Byrne said that he told shareholders a year ago that he would make "significant sales" of his shares to fund different projects, including blockchain investments and to supplement his nominal salary of $100,000 annually.
"I do not intend to ever give such an explanation again. I owe shareholders staying within the law and not making decisions based on inside information," Byrne said.
Byrne had previously pledged about 1.9 million of his 5.8 million shares he owned prior to this week's sale as collateral for credit from banks.
Overstock's shares, which are up 3% in morning trading on Friday, have fallen about 89% from its record high in January 2018, when the company was benefiting from its plan to launch a digital token and from the hype around cryptocurrencies. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shailesh Kuber)