Overstock.com (OSTK)

Overstock.com, Inc. is an American internet retailer headquartered in Midvale, Utah, near Salt Lake City. Founded in 1997 and launched in May 1999, Overstock.com initially sold exclusively surplus and returned merchandise through its online marketplace. In the early day, Overstock.com liquidated the inventories of at least 18 failed dot-com companies at below-wholesale prices.



Owner Operator: Patrick Byrne

Patrick Byrne is the founder of Overstock.com. Prior to launching Overstock.com, Patrick Byrne had lead two smaller companies, including one owned by Warren Buffett’s Berkshire Hathaway.

In 2005, Byrne became known for a campaign against illegal naked short selling, arguing that illegal naked shorting has been used in violation of securities law to distort prices of public companies’ stock. Overstock.com filed two lawsuits alleging improper acts by Wall Street firms, a hedge fund, and an independent research firm, which were both settled out of court.

 

 

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