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Ex-RIM CEO sells all of his 26.8 million shares in one day

Former RIM CEO dumps all of his 26.8 million shares in the company in one day.

@tracehagan
Published Thu, Feb 14 2013 4:03 PM CST   |   Updated Tue, Nov 3 2020 12:24 PM CST

It looks like one of RIM's old CEOs doesn't have much faith in the company. Jim Balsillie, one of the co-founders of the once great cell phone manufacturer has dumped all of his 26.8 million shares in just one day according to an SEC filing that was posted this morning. This certainly doesn't bode well for the company.

Ex-RIM CEO sells all of his 26.8 million shares in one day | TweakTown.com

Those shares that were once worth $6 billion are now worth only about $375.2 million. Obviously, he is trying to jump ship while they still some have value. It's not likely that the price-per-share will ever return to the high that it was at just after the iPhone launched.

Some think that BlackBerry 10 will be able to turn the company around and others disagree. Reviews of the new devices have been mixed. The one clear message that has been sent by the former CEO dumping his stock is that he doesn't believe in the company.

NEWS SOURCE:venturebeat.com

Trace is a starving college student studying Computer Science. He has a love of the English language and an addiction for new technology and speculation. When he's not writing, studying, or going to class, he can be found on the soccer pitch, both playing and coaching, or on the mountain snowboarding.

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