Jim Balsillie , a former CEO of Blackberry, previously known as RIM(Research In Motion) dumped his entire stake in the company last year. He had about 5%, 26.8 Million shares which made him one of the largest individual shareholders.
Blackberry got all the heads swinging a fortnight ago when they launched their much awaited Blackberry 10 OS powered new line of phones(only 2 so far) with 70,000 apps available, although only about 10,000 of them are worth using. So, a refreshed range of phones bundled with a new OS did not seem to have gained his vote.
Jim, as is obvious, is not confident about the company any more which has only gone down in past few years. Blackberry clearly has a tough road ahead and Jim doesn’t think the company has what it takes to get through it. However, both Jim Balsillie and Blackberry have refused to respond to any comments. Blackberry is currently hanging at $13 a share in the market trading.