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BlackBerry Shares Slip After Former CEO Balsillie Sells Stake

Trading activity for Blackberry Inc. is displayed on an electronic board on the floor of the New York Stock Exchange (NYSE) in New York, U.S.
Jin Lee | Bloomberg | Getty Images
Trading activity for Blackberry Inc. is displayed on an electronic board on the floor of the New York Stock Exchange (NYSE) in New York, U.S.

Shares of Blackberry slipped on Thursday, after the company's former Co-Chief Executive Officer Jim Balsillie disclosed that he had sold his once-sizable stake in the embattled smartphone maker.

(Read More: What, No Instagram or Pandora? The BlackBerry App Problem )

In a regulatory filing on Thursday, Balsillie said that by the end of last year he had sold his entire stake in the company. Balsillie, who stepped down as CEO a year ago, owned about 26.8 million shares, or a roughly 5 percent stake in the company, as of December 31, 2011.

(Read More: All the Reasons Blackberry 10 Will Fail: Analyst )

Shares of BlackBerry were down 3.4 percent at $13.52 in early trading on the Nasdaq, while its Toronto-listed shares fell 3.5 percent to C$13.51.

(Read More: RIM Unveils BlackBerry 10, Changes Company Name )

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