Investors are now looking forward to Patrick Byrne’s role in Trump’s administration, after the former Overstock CEO shared his interest in helping fix issues with stock settlements.
Patrick Bryne and Overstock are known amongst the retail investor community for squeezing short sellers during a time when a digital dividend announcement sparked investors’ interest.
In 2014, just a decade ago, Overstock alleged that certain market brokerage and clearing firms wrongfully engaged in abusive naked short selling — an illegal practice where short shares issued are never actually borrowed in the first place, resulting in a “fail to deliver,” or FTD.
Big changes are now underway to the stock market regarding naked short selling as Trump and Vance take the presidential office.
Earlier this year, Truth Social, Trump’s social media site publicly scrutinized Ken Griffin’s Citadel Securities for naked short selling the market.
“Rather than support our common sense efforts to promote transparency and compliance, Citadel Securities bizarrely targeted our CEO with an unhinged attack. Here’s our response:
“Citadel Securities, a corporate behemoth that has been fined and censured for an incredibly wide range of offenses including issues related to naked short selling, and is world famous for screwing over everyday retail investors at the behest of other corporations, is the last company on earth that should lecture anyone on ‘integrity.’”
Patrick Byrne publicly stated in an X space call that he anticipates playing a role during Trump’s administration if elected as President.
“If that gentlemen gets back into power, I suspect that I’m gonna have the opportunity to have a voice in the new administration — and I’m going to tell them the first thing we have to fix in this country is stock settlement,” Byrne stated in April of this year.
“Literally, I’ve been told if he’s back in people are going to listen to me, and all I want to talk about is stock settlement.”
Now that Donald Trump has had a historic comeback and victory, investors are also eyeing the resignation of SEC Chair Gary Gensler, who many have deemed as ‘compromised’ and ‘incompetent’.
In Trump’s address at the Bitcoin 2024 conference in Nashville, Tennessee, he stated: “On day one, I will fire Gary Gensler.”
Investors have scrutinized the SEC Chair for a number of reasons, including failing to protect companies from illegal short selling practices, as well as for being too strict on cryptocurrencies, rather than seeking innovative reform.
There is currently a lot of bullish sentiment in the markets at the moment with Trump back in power, as well as hope for [finally] some real change in America.
But I’m curious to know your thoughts on this — leave a comment down below.
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About The Author
As one of more than 65000 Mmtlp victims for over two years and counting, I pray someone of Mr. Byrnes caliber steps up to resolve this injustice.
Leave your thoughts below.
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