Research In Motion investor Prem Watsa recently increased his share in the company to 9.9%, doubling his previous investment in the struggling BlackBerry maker, making him the largest shareholder in the firm. As the AP noted on Monday, Watsa’s increased ownership give a glimpse into the amount of shares that current investors are selling off. It’s also worth noting that RIM’s share price has tanked 95% to about $6.78, which it is currently trading at.
Watsa believes RIM can right the ship and get back on track, although it’s also possible he’s making an investment in hopes that the company will be purchased for expansive patent portfolio. RIM certainly doesn’t appear to be turning its business around, however.
The company said during its disappointing Q1 earnings announcement that it was laying off 5,000 additional employees and that its next generation BlackBerry 10 operating system — largely needed to regain consumer interest in the firm — is delayed until the first quarter of 2013.