Overstock.com drops after CEO sells 500,000 shares

In a regulatory filing earlier, it was disclosed that Overstock.com CEO Patrick Byrne sold 250,000 shares of company stock on May 13 and another 250,000 shares on May 14. The transactions had average selling prices of $13.33 and $12.85 per share, according to the filing with the SEC. In afternoon trading following the disclosure, shares of Overstock.com are down $1.90, or 15%, to $10.99.

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