BlackBerry co-founder sells stake in business

BlackBerry co-founder sells stake in business

BlackBerry co-founder Jim Balsillie has cut his ties with the company, after selling his 5.1% stake in the manufacturer.

He had been the third largest shareholder in the business he established 20 years ago. He stepped down last year along with co-CEO Mike Lazaridis after the one-time smartphone leader spent several years struggling to keep up with Apple and Android devices. According to Bloomberg, Lazaridis has a 29.9 million shareholding by 31 December 2012, up 200,000 from the end of the third quarter. This gives him a 5.7% stake in the company.

The article suggested Balsillie could have been rewarded by BlackBerry's stock rally in the weeks preceding the announcement of the new BlackBerry 10 operating system. Investors in the business benefited from a 58% stock rally during the fourth quarter.

Author: Graeme Neill

Written by Mobile Today
Mobile Today

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