BlackBerry co-founder dumps 3.5 million shares after massive losses

Mike Lazaridis, the co-founder of BlackBerry, has sold 3.5 million shares over the last two days bringing his stake in the company to just about 5%. This is in response to the suffering smartphone company’s massive third-quarter loss of $4.4 billion last week. 

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.