Overstock CEO resigns after divulging romantic relationship with Russian agent Maria Butina

Patrick Byrne.
(Image credit: Reuters Staff)

The CEO of Overstock has resigned after divulging having been in a romantic relationship with convicted unregistered Russian agent Maria Butina and in a strange press release commenting on the "deep state."

Patrick Byrne in a letter to shareholders on Thursday said that he is in the "sad position of having to sever ties" with the company effective today, although he contends that "I did what was necessary for the good of the country," The New York Times reports.

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Byrne and his lawyer later spoke to The New York Times and clarified that he was talking about the fact that he dated Butina and spoke with the FBI during its investigation. He alleged in this interview that the investigation was mishandled and said that he is still "quite fond" of Butina, who pled guilty to acting as an unregistered foreign agent and is serving 18 months in prison. "Maria should go home and be president of Russia one day," Byrne told the Times.

In his Thursday announcement, Byrne says he spoke about this publicly after "I was reminded of the damage done to our nation for three years and felt my duty as a citizen precluded me from staying silent any longer." Now, he plans on "disappearing for some time." Following Byrne's announcement, CNN reports Overstock stock surged more than 10 percent.

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Brendan Morrow

Brendan worked as a culture writer at The Week from 2018 to 2023, covering the entertainment industry, including film reviews, television recaps, awards season, the box office, major movie franchises and Hollywood gossip. He has written about film and television for outlets including Bloody Disgusting, Showbiz Cheat Sheet, Heavy and The Celebrity Cafe.