Published in News

RIM co-chairs are no longer billionaires

by on19 September 2011


Cue the sound of the world's smallest violin
The two headed monster which appears to be running Research in Motion into the ground would have had a nasty shock when it looked at its bank balance this morning

Jim Balsillie and Mike Lazaridis, Research In Motion's largest shareholders and co-chief executive officers, have lost their status as billionaires. This is thanks to the fact that the stock this year as it has shed more than half its value.

The executives, who each own about 5 per cent of the BlackBerry maker, had the value of their stakes drop to about $640 million last week from about $1.9 billion in February. Investors are furious at the pair who have been late with new products, missed their own forecasts and dine nothing to reassure Wall Street that they're going to get more competitive against Android.

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