BlackBerry Co-Founder Jim Balsillie Dumps All Of His Stock

Hyuck.

Hyuck.

Jim Balsillie, the former co-CEO of BlackBerry (then Research in Motion), has dumped every single one of his 26.8 million shares in the company, ahead of the American launch of the BlackBerry Z10 and BlackBerry OS10.

Jim Balsillie, along with co-CEO Mike Lazardis, left the company last year after they failed repeatedly to respond to the pressure that competitors like the iPhone and Android handsets brought upon their business.

In retrospect, Balsillie’s response to the iPhone was just comically inept and clueless. In 2007, he said it was “doubtful the device would have much of an impact on RIM’s overall sales” and that “the iPhone will hold little appeal for RIM’s core business market.”

So Balsillie dumping all his stock in BlackBerry doesn’t actually mean the company’s on the wrong course. In fact, this guy is wrong so often about the landscape of the smartphone market that the very fact he’s cashing out on BlackBerry might very well herald the company’s triumphant return. Though somehow, I doubt it.

  • RaptorOO7

    He is smart to cash out while he can, not sure where BB stock is going, but why not take the big chunk of change now.

  • djrobsd

    Wow, Blackberry’s business mistakes extend way beyond their failure to keep up with the market. What company in their right mind would allow executives to accrue so much stock with the ability to dump it whenever they want? Most smart companies place restrictions on it which require them to divest their stock over a period of time, rather then dumping all 21 million shares at once. If you look at the chart for Blackberry, on the day he dumped his shares their stock tumbled from 18 to 13 and has never recovered. I’m sure the share holders just love this guy.

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John BrownleeJohn Brownlee is a Contributing Editor. He has also written for Wired, Playboy, Boing Boing, Popular Mechanics, VentureBeat, and Gizmodo. He lives in Boston with his wife and two parakeets. You can follow him here on Twitter.

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