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RIM Co-Founder Drops His Stock

Posted by timothy on from the writing-is-in-spraypaint dept.

drdread66 writes "Reuters reports today that Research In Motion co-founder Jim Balsillie dumped his entire stake in BlackBerry at the end of 2012. While it's common to see high-level executives sell some of their shares to gain some liquidity, it's unusual to see them exit their positions completely. This has to be seen as a massive vote of 'no confidence' from someone who was on the inside long enough to know what's going on in the company."

14 of 114 comments (clear)

  1. That about sums it up.... by erp_consultant · · Score: 1, Insightful

    When one of the founders bails you know the ship is sinking.

    1. Re:That about sums it up.... by Lisias · · Score: 4, Insightful

      Or you know that someone with deep pockets paid him to do so, lowering the prices and rendering the company vulnerable to a Hostile Takeover.

      Do you know Siemens VDO, I mean, Continental A/G, I mean, Schaeffler Group? :-)

      --
      Lisias@Earth.SolarSystem.OrionArm.MilkyWay.Local.Virgo.Universe.org
    2. Re:That about sums it up.... by Anonymous Coward · · Score: 5, Insightful

      Patent rights.

  2. Hockey Team by Anonymous Coward · · Score: 4, Insightful

    Or it's probably because he needs cash to buy an NHL team to move to Hamilton.

    1. Re:Hockey Team by sunwukong · · Score: 4, Insightful

      The way the NHL is run it'd be easier/cheaper to move Hamilton to Phoenix.

  3. If his judgment is so good ... by Anonymous Coward · · Score: 3, Insightful

    If his judgement is so good about the mobile phone industry, how did he take the undisputed industry leader and run it off the road?

    Perhaps he thinks the new models are missing the navigation wheel and the color screen is distracting.

  4. Was he ousted? Maybe sour grapes? by linuxtelephony · · Score: 4, Insightful

    Wasn't he ousted earlier? Might this be a case of sour grapes and a way to get back and give RIM, I mean Blackberry, a bit of a black eye?

    --
    . 62,400 repetitions make one truth -- Brave New World, Aldous Huxley
    1. Re:Was he ousted? Maybe sour grapes? by fermion · · Score: 4, Insightful

      Or he just wanted a few hundred million dollars. Pretty much, as far as I can tell, the guy is not connected to the company anymore. He evidently put a couple hundred thousand dollars int he company way back when, ran the company for a while, and that is about it. All that can be said is he does not think RIM is as good as an investment as some other companies. And not really that since we don't know if he is just needs money.

      --
      "She's a scientist and a lesbian. She's not going to let it slide." Orphan Black
    2. Re:Was he ousted? Maybe sour grapes? by stephanruby · · Score: 4, Insightful

      Might this be a case of sour grapes and a way to get back and give RIM, I mean Blackberry, a bit of a black eye?

      Actually, if the headline had been been written like this:

      "Recently Ousted RIM co-CEO Jim Balsillie Sells all his RIM Stocks Today"

      ...there would have been no black eye or misunderstanding to begin with. And its following paragraph would have been immediately seen for the click-baiting fabricated lie that it really is: "While it's common to see high-level executives sell some of their shares to gain some liquidity, it's unusual to see them exit their positions completely. This has to be seen as a massive vote of 'no confidence' from someone who was on the inside long enough to know what's going on in the company. " - emphasis in bold mine.

      PS: And please, don't take this to mean that I'm some Blackberry fanboy. I'm not. I personally don't have confidence in that company either. It's just that I hate to see the "news" purposefully misinterpreted in this way.

  5. I see it as plus by Anonymous Coward · · Score: 2, Insightful

    I see a founder who has had a huge strop that basically while he was at the help the company was loosing out to the rising smartphone market around it. He got sidelined and selling his stock was a final "throwing my toys out of a the pram' act. Ive seen it before, albeit in smaller startup environments. I see that Blackberry now at least has a viable modern product... and is attempting to find a direction. during then end of his tenure it was lost... Nothing more than an angry failed executive here...

  6. Bad decisions by Dr.+Evil · · Score: 4, Insightful

    A decade of being in the right place at the right time only keeps your bad decisions in check for so long. Eventually somebody comes along and makes good decisions.

    Although I don't have much hope for RIM, I think any decisions this guy makes are as irrelevant as his decisions in his last years at the company.

  7. Diversification. by Dzimas · · Score: 4, Insightful

    Balsillie left the company in 2011. He has no up-to-date insider knowledge or connections with the current management team and it makes some sense for him to have sold his stock (approximately $300 million) to diversify his portfolio. I wish we could bury this sensational but meaningless story from the front page.

  8. Re:Shitty journalism by fermat1313 · · Score: 4, Insightful

    Shitty Journalism

    Of course the media wants to tear down a non Apple company. They are well on their way.

    What exactly are you smoking? What part of this story is shitty journalism or "tearing down a company". The founder and former CEO of an important tech company dumps all of his stock at once, which is a pretty unusual event. It's definitely reportable, as is the impact it had on the company. Apple, Google, Microsoft, and the other players in the industry weren't even mentioned.

    So clearly this isn't shitty journalism. In fact, someone *not* reporting on this would be really shitty journalism. So what, exactly, is your problem with the new story?

  9. Jump To... Conclusion by CanHasDIY · · Score: 4, Insightful

    Hey, give the guy a break - those high-class hookers are expensive!

    --
    An enigma, wrapped in a riddle, shrouded in bacon and cheese