BlackBerry co-founder trims stake after huge loss

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

Shares of China's Lenovo fall after report of BlackBerry bid

© 2013 The Associated Press. All rights reserved.

Citation: BlackBerry co-founder trims stake after huge loss (2013, December 25) retrieved 23 August 2019 from https://phys.org/news/2013-12-blackberry-co-founder-trims-stake-huge.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.
0 shares

Feedback to editors

User comments

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