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IPFS News Link • Business/ Commerce

Here's What Caused to Catapult as Much as 14% Higher

•, Sean Williams

What happened

Shares of (NASDAQ:OSTK), an online home-goods retailer and developer of blockchain solutions via its subsidiaries, catapulted as much as 14% higher during Thursday's trading session following the release of a 13F filing with the Securities and Exchange Commission (SEC). Within those filings was news that a well-known investor had become a major stakeholder in Overstock.

So what

Filings with the SEC showed that Soros Fund Management, headed by investing mogul and billionaire George Soros, purchased 2,472,188 shares of Overstock during the fourth quarter, effectively becoming its third-largest shareholder. While Soros made no comment on the purchase -- and it should be stated that 13F filings describe the activity that billionaires made during the previous quarter and are thusly 45 days old -- it's nonetheless been the impetus behind today's significant move higher.