Former RIM CEO and cofounder Jim Balsillie has decided to cash in his chips, selling his entire stake in the company at 26.8 million shares. This gives us an idea of how much he believes in BlackBerry 10.
BlackBerry is currently trading at $13.5, so it would seem Balsillie made millions by dumping the shares. However, back in 2007 RIM briefly hit $220, but then came the iPhone, then Android, and it’s been downhill ever since.
Still, even $13.5 is not too bad, as the stock was trading in single digits for much of 2012. The stock rallied toward the end of the year, but it did not pop after the BB10 launch. To the contrary, it is down. In other words, Balsillie is not the only one who ran out of faith.
Although reviewers and analysts welcomed BlackBerry’s new OS and handsets as a major update, they also argued that it is simply too little, too late.
Balsillie no longer has a stake in the company, but least BlackBerry now has Alicia Keys, although she is still tweeting from her iPhone.