Patrick Byrne Net Worth 2022 – Salary, Income, Earnings

Patrick Byrne Net Worth

Patrick Byrne has an estimated net worth of $75 Million. Patrick Michael Byrne is an American businessman. After running two small businesses, Byrne founded Overstock.com in 1999 and took the company public in 2002. From 1999 to 2019, Byrne served as Overstock’s chief executive. He earned most of his income from serving as the CEO of Overstock.com. 

He stepped down as CEO in August 2019 following revelations that he had an intimate relationship with a Russian spy and later politician for Vladimir Putin’s United Russia party, Maria Butina.  He was also involved in a protracted legal battle against short sellers and “naked short selling” early in his tenure. 

Byrne later became known for spreading conspiracy theories, including the “Deep State” theory. In 2020 and 2021, he repeatedly claimed that Donald Trump won the presidential election due to voter fraud. 

Byrne is also a COVID -19 conspiracy theorist who has traveled throughout the United States giving anti-vaccination speeches. He gained notoriety for spreading and selling misinformation on various topics through websites, social media, books, and movies. 

To calculate the net worth of Patrick Byrne, subtract all his liabilities from his total assets. Investments, savings, cash deposits, and any equity he has in a house, car, or other similar asset are included in the total assets. All debts, such as personal loans and mortgages, are included in total liabilities.

Here’s the breakdown of his net worth:

Name: Patrick Byrne
Net Worth: $75 Million
Monthly Salary: $500 Thousand
Annual Income: $10 Million
Source of Wealth: Businessperson

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Early Life

Byrne was born on November 29, 1962, in Fort Wayne, Indiana. He was born in Woodstock, Vermont, and grew up in Hanover, New Hampshire. 

His father is John J. Byrne, a former chairman of Berkshire Hathaway insurance subsidiary GEICO and White Mountains Insurance Group. Warren Buffett, the head of Berkshire Hathaway, was a close friend of his father. 

Byrne holds a certificate from Beijing Normal University, a Bachelor of Arts in Chinese from Dartmouth University, a Master of Arts in philosophy from Cambridge University, and a doctorate in philosophy from Stanford University.

Byrne worked at Blackhawk Investment Co. and Elissar, Inc. from 1989 to 1991 and was an adjunct professor at Stanford University. 

At Fechheimer Brothers Inc, a Berkshire Hathaway company that makes police, firefighter, and military uniforms, he held the same three positions: chairman, president, and CEO.

Career

Byrne was approached by the founders of D2-Discounts Direct in 1999 looking for working capital after running two smaller businesses. 

Selling surplus furniture inventory online had brought in just over $500,000 in revenue for the company the year before. Byrne was intrigued by the idea of online sales and invested $7 million in the spring of 1999 for a 60 percent stake in the company. 

After he took over as CEO in September of that year, Overstock.com renamed itself the following month.

Overstock.com was one of the first companies to go public using the Dutch auction method. That method was developed by WR Hambrecht + Co to keep more of the capital in the company, rather than using investment banks as underwriters. 

As a result, Byrne said, competing banks tried to impede the company’s IPO by publishing negative reports and shorting the company’s stock. Byrne said in 2004, Wall Street firms similarly published negative reports about Google’s IPO, but that did not prevent the company from going public. 

Hambrecht’s former co-CEO, Clay Corbus, was appointed to Overstock’s board four years after the IPO. As part of his role, Byrne promoted the use of blockchain technology and cryptocurrencies such as Bitcoin.

Like Byrne’s father, Overstock employees believed Byrne’s campaign against short sellers, which began in 2005, distracted him from Overstock’s core business. 

In some years, the company lost money, while in others it made modest profits. Byrne’s tenure was marked by several initiatives that were launched with much enthusiasm but later abandoned or yielded disappointing results. 

Overstock spent several million dollars in 2004 to create an online auction platform to compete with eBay, but it failed and closed in 2011. In addition to real estate and travel bookings, the company also launched car sales ventures, which it later shut down. 

After taking a medical leave for hepatitis C complications in April 2016, he returned to Overstock.com as CEO in July 2016. Byrne, who stepped down in 2019, had largely given up competing with those larger rivals, including Amazon and Wayfair. 

He led unsuccessful attempts to find a buyer for Overstock’s retail business starting in 2017. Overstock had built a new headquarters at the base of Utah’s Wasatch Mountains in the late 2010s, but part of the complex had remained empty after a series of layoffs.

Overstock was the first major retailer to accept bitcoin as payment in 2013 when Byrne began investing in cryptocurrencies and blockchain. Byrne changed Overstock’s balance sheet to support Tzero, a new digital exchange touted as a “blockchain version of Nasdaq”; Tzero’s ICO was largely unsuccessful. 

Overstock suffered significant losses in 2017 and 2018 as Bryne increased its focus on technology. Overstock lost 316 million euros in the last two years, more than double its profit in the previous two years.

Learn More: Top 30 Richest People In The World

Personal Life

Shortly after graduating from college, Byrne was diagnosed with testicular cancer. He recovered, but several bouts of the disease kept him hospitalized for most of his twenties. 

He got a black belt in taekwondo.

He has a ghost company called Manatee Investments LLC that owns several homes in Sarasota, Florida.

Patrick Byrne Quotes

Bitcoin and other cryptocurrencies are a form of money that’s a stable field that the government can’t destroy and can’t distort. Because its creation is governed by the laws of mathematics. It can’t happen any faster or slower than a certain rate, and it all sort of self-adjusts.

Patrick M. Byrne

 

Over the next decade, there will be disruption as significant as the Internet was for publishing, where blockchain is going to disrupt dozens of industries, one being capital markets and Wall Street.

Patrick M. Byrne

 

This is where the block chain is most useful and revolutionary: It helps us to overcome the problem of mutual trust in exchange, which will, in turn, make many of our modern central institutions unnecessary.

Patrick M. Byrne

 

I’m not wed to bitcoin’s blockchain. I’m blockchain-agnostic.

Patrick M. Byrne

 

For the first time in 6,000 years of human history, we can have peer-to-peer exchange where trust is not a problem anymore. And it’s through the technology that underlies bitcoin. It’s called the block chain.

Patrick M. Byrne

 

With the block chain, for the first time, we no longer need these central institutions for settlement or for guaranteeing the value of coins or for land titling. All of these functions can be replaced by a transparent public ledger that is safe from tampering and which can make value and ownership clear and open for everyone.

Patrick M. Byrne

 

You’re going to start seeing open-source, self-executing contracts gradually improve over time. What the Internet did to publishing, blockchain will do to about 160 different industries. It’s crazy.

Patrick M. Byrne

People didn’t know where they could trade. When everybody owes each other IOUs that can be in multiple places at once, that’s how the system couldn’t tell any more who owned what and who owed what to whom. Blockchain could have prevented 2008.

Patrick M. Byrne

 

t0 is blockchain-agnostic so, ultimately, we can use anybody’s blockchain.

Patrick M. Byrne

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