BlackBerry co-founder trims stake after huge loss

December 25, 2013 by The Associated Press

BlackBerry co-founder Michael Lazaridis has trimmed his stake in the troubled smartphone pioneer to just below 5 percent after selling 3.5 million shares during the past two days.

The sales disclosed in a Tuesday regulatory filing came after BlackBerry Ltd. announced a third-quarter loss of $4.4 billion last week. The setback marked the latest sign of the company's deepening distress as BlackBerry's products fall further behind the iPhone and devices running on Android software.

Lazaridis previously owned a 5.7 percent stake in the Waterloo, Ontario company that he once ran.

Lazaridis and BlackBerry co-founder Douglas Fregin said they were mulling a bid to buy the company in October. But BlackBerry in November said it had abandoned a bid to sell itself.

Explore further: BlackBerry co-founder 'in joint bid talks'

Related Stories

BlackBerry co-founder 'in joint bid talks'

September 21, 2013

One of BlackBerry's co-founders has held talks with private equity firms about making a joint bid for the struggling Canadian smartphone maker, The Wall Street Journal reported Saturday.

Cerberus interested in BlackBerry

October 2, 2013

Private equity firm Cerberus is interested in taking a look at BlackBerry's books as a prelude to a possible bid for the troubled smartphone company.

Recommended for you

Cellphones can steal data from 'air-gapped computers'

July 28, 2015

Researchers at the Ben-Gurion University of the Negev (BGU) Cyber Security Research Center have discovered that virtually any cellphone infected with a malicious code can use GSM phone frequencies to steal critical information ...

Tech leaders warn over 'killer robots' (Update)

July 28, 2015

A group of top tech leaders, including British scientist Stephen Hawking and Apple co-founder Steve Wozniak, on Tuesday issued a stern warning against the development of so-called killer robots.

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.