Former BlackBerry co-chief executive Jim Balsillie has sold off his five percent stake in the company.
The former executive has sold off his 26.8 million shares in BlackBerry. The sell off comes a little over a year after Balsillie was pushed out by BlackBerry's board of directors.
Balsillie stepped down as co-chief executive of BlackBerry in January of last year. The resignation came in the face of growing opposition from board members who were unhappy with the firm's progress.
According to Enderle Group principal analyst Rob Enderle, the decision to sell off shares in the firm could have had more to do with Balsillie's unceremonious resignation than the fortunes of the company.
"BlackBerry is selling at a high and, as far as I know, Balsillie isn't involved with the company anymore. He was forced out by the board and that often leaves hard feelings," Enderle told V3.
"Recall Steve Jobs sold all of his [Apple] founder stock after he was let go."
At the time of Balsillie's SEC filing on the sell off, BlackBerry shares were trading for $11.87 a share. If Balsillie sold his stake in the company at that rate he would have netted a little over $314m. A far cry from what his shares were worth about three years ago.
Following Balsillie's decision, BlackBerry shares took a brief tumble before rallying over seven percent in after hours trading. As of this writing, shares in the firm were selling at over $15. The mark represents the shares highest price point this month.
Blackberry shares have recently been boosted by the release of the Blackberry 10 mobile OS. The release marked a dramatic shift for the company last quarter.
While met with some positive reviews, BlackBerry's updated OS is still considered a questionable competitor for the likes of Android and iOS. According to a recent Gartner study, BlackBerry only owns about three percent of the smartphone market.
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