BlackBerry co-founder Mike Lazaridis reportedly offloaded 3.5 million shares of stock

BlackBerry co-founder Mike Lazaridis had so much faith in the company he helped rise to greatness — which, coincidentally, is also the company he helped destroy — that he considered a bid to purchase the struggling vendor earlier this year. Now, however, Lazaridis might finally be losing some faith. Following BlackBerry’s fiscal third-quarter earnings report that saw the company post a massive $4.4 billion loss, interim CEO John Chen managed to convince investors that BlackBerry is on the verge of a rebound. As a result, the company’s share price has soared more than 25% over the past few days. Lazaridis may be unsure of BlackBerry’s prospects or he may have just been looking for some quick cash, but a regulatory filing dug up by The Associated Press reveals that he offloaded 3.5 million shares of BlackBerry stock between Monday and Tuesday. The massive sale puts his remaining stake in the company at just below 5%, down from 5.7% before he made the sale.

Source: The Associated Press