BlackBerry co-founder sells $26million in shares

BlackBerry co-founder Mike Lazaridis has cashed in shares of BlackBerry, making $26million (U.S.) in the process, as he lessens his stake in the company he helped create.

Documents filed with U.S. regulators on Tuesday show that a numbered company registered in Ontario, and controlled by Lazaridis, has sold 3.5 million shares in BlackBerry since Monday.

The first sale was made on Monday when 3.17 million shares were sold at an average price of $7.55 on the open market.

The second transaction came on Christmas Eve Day when the same numbered company sold 333,107 shares at an average price of $7.63.

In total, the transactions reaped $26.5-million.

Both sales were made through 1258701 Ontario Ltd., an investment holding company, according to the documents from the U.S. Securities and Exchange Commission.

In October, the numbered company was part of an effort by BlackBerry co-founders Lazaridis and Doug Fregin to submit a bid for BlackBerry when the Waterloo based firm was hunting for potential buyers.

A company spokeswoman said BlackBerry had no comment.