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Overstock CEO resigns following 'deep state' comments

The CEO and founder of Utah-based online retailer Overstock.com Inc. stepped down 10 days after he spoke of his involvement in the federal government's investigation into the 2016 U.S election, according to an Aug. 22 release.

Patrick Byrne said in a statement that he is in a "sad position of having to sever ties with Overstock," both as CEO and board member, effective immediately.

On Aug. 12, Byrne revealed in a company statement his role in the so-called "deep state" because he felt he could no longer stay silent on the issue. Byrne said he assisted federal agents who he referred to as the "Men in Black" and provided them with details about Democratic candidate Hillary Clinton and the alleged Russian interference in Donald Trump's campaign.

"Doing so was not my first choice, but 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," Byrne said in a statement.

Overstock said in a separate, same-day statement that it will appoint company veteran Jonathan Johnson as interim CEO. Johnson currently serves as president of Overstock's blockchain innovations subsidiary Medici Ventures.

Byrne also talked about the company's business strategy and hinted that an M&A could be possible.

"If the right strategic offer is made that reflects the value of that technological gem, I am confident the board will consider it," Byrne said.

"It is possible that my absence will advance the possibility," Byrne added.