Looks like the days of Mike Lazaridis to ever own the company he founded are over. Via a report from the Wall Street Journal, Lazaridis has reduced his shares in BlackBerry in the tune of a cool $26 million, or approximately 3.5 million shares. This sell reduces his stake in the company to under the 5 percent number that he needed to be able to offer a bid to buy ownership of BlackBerry. At one point this year, Lazaridis had increased his shares to 8 percent, which was a show of confidence in his interest to purchase the company. However, BlackBerry was eventually able to secure 1 billion from Fairfax Financial Holdings, which had enabled the company to move forward.
Back in April 2013, Lazaridis had no plans to sell his shares at all. But bad earnings call after bad earnings call, and now with the new addition of CEO John Chen, it looks like there was no other choice but for Lazaridis to give up his hopes to ever own BlackBerry again.
On the bright side, new CEO John Chen has put in a solid game plan to get BlackBerry up and moving again as a company that will be able to move forward for many years to come.