Wild-eyed Overstock CEO Blames CNBC Staffers For Stock Price

Talky Overstock.com (OSTK) CEO Patrick Byrne is still blaming short sellers for his company’s woes. The new twist: He’s now lashing out at CNBC journalists — while appearing on their rival Fox Business Network.

Said Byrne: “I happen to know for a fact there is a fax machine in the CNBC offices where every morning hedge funds send in the instructions. The journalists sit around and take their instructions.”

Fox anchor Liz Claman, a former CNBC employee, responded: “I used to work at CNBC and I never saw the fax machine.”

Byrne: “I have a good source on that.”

Who knows? Maybe Patrick spied the mystery machine himself when he showed up on CNBC back in December, the last time he made news. But we’ll weigh in here and say that we haven’t seen a CNBC staffer just sitting around, period. For that matter, we don’t know any journalists who use a fax machine. But listen to Patrick yourself: The secret fax machine kicks in around the 5 minute mark.

Nor is this the only time Byrne has accused journalists covering his company of being in cahoots with hedge funds. Take this missive posted recently to MarketWatch columnist Herb Greenberg’s blog:

Dear Herb,

There are allegations that you were terminated upon CBSMarketWatch’s observation that positions in your columns overlap with the trading positions of certain hedge funds. What is your comment on these allegations?


Patrick M. Byrne, Journalist

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