It's 52 Week Low. Do You Know Where Your CEO Is?
Overstock.com stock hit a 52-week low yesterday afternoon, and CEO/conspiracy theorist/journalist-taunter/short-and-analyst-suer/"miscreant"-blamer Patrick Byrne was not resting easy. He was hard at work last night -- posting on a stock message board.
Why? It's not because he's distracted or anything like that. It's not because he is more concerned with kooky conspiracy theories than running his company. No, it is because he is a man of the people. The Williams Jennings Bryan of corporate America!
"You know what I love about posting here, even though the miscreants always criticize me for coming to message boards? It is this: I meet with big-shot investors all the time. They often want to know detailed inside data, and it is always a struggle for me to balance wanting to give honest and full answers with my Reg FD obligations. Here, folks who don't run their own hedge funds get a chance to play on he same playing field that those guys do."
That's true. Isn't it ridiculous how "big shot investors" like to talk about dumb stuff like sales and cash flow? On stock message boards Byrne can feel right at home with people focused, as he is, on the miscreant, lapdog and bimbo situation.
Anyway, this rant was too much for one Overstock loyalist, who responded: "With all due respect, I sincerely hope you are not spending too much time here, worrying about who posts what. We all enjoy your posts, but wouldnt it be far more expedient to use the time to address your thoughts to those who might actually benefit the company? I may not speak for all, but the last I checked our stock is becoming a joke, and it is costing alot of people a lot of money on paper."
The heretic was promptly shouted down.
© 2006 Gary Weiss. All rights reserved.
Wall Street Versus America was published by Penguin USA on April 6.
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