BlackBerry co-founder Lazaridis cuts stake in company


Lazaridis now owns less than five per cent of the company, which last month reported quarterly losses of $4.4 billion (£2.7 billion)

BlackBerry co-founder Mike Lazaridis has sold $26 million (£15.7 million) shares in the company, cutting his stake from 5.7 per cent at the end of 2012 to 4.99 per cent.

The move, made on December 23, came a few days after BlackBerry posted third-quarter losses of $4.4 billion (£2.7 billion). In comparison, Q2 losses totalled £965 million (full story here).

It also follows BlackBerry’s failure to find a buyer after a $4.7 billion (£3 billion) buyout by Canadian private equity group Fairfax Holdings fell through (see here).

According to a US securities and exchange commission filing, Lazaridis sold round 3.1 million shares for $26 million (£15.7 million). The document says he bought 3.1 million shares in 2012 for a total of $50 million (£30.2 million).

BlackBerry shares are currently (article written January 2) valued at around $7 each. This is down 37 per cent from the same time last year.