Shares of RIM stock have taken a beating since the company announced devastating first-quarter earnings last Thursday. The Waterloo, Ontario-based BlackBerry maker missed Wall Street’s first-quarter consensus, it lowered its full-year guidance, it announced workforce reductions, it confirmed product delays and investors went running for the door as did a top executive. Since the earnings release last week, RIM’s stock has fallen more than 25%. This is bad news for every RIM investor, but two in particular must be especially upset. RIM Co-CEOs Mike Lazaridis and Jim Balsillie collectively own more than 10% of the company, a stake that helped each man achieve billionaire status. Last year, Lazaridis was ranked the world’s 651st richest man by Forbes with a net worth of $1.9 billion, and Balsillie was No. 692 on the list with a net worth of $1.8 billion. Fast forward to today, and neither man can call himself a billionaire any longer. The cheifs’ stake in the company is still worth more than $1 billion combined, but separately, their net worths are now just roughly $800 million a piece. We doubt the employees set to be laid off in the coming weeks and months will shed any tears for the Co-CEOs’ loss, but it’s just another piece of a puzzle that continues to fall apart. Some analysts believe RIM is hardly out for the count, however, and we agree that the company has a bit of fight left in it. If Balsillie and Lazaridis hope to rejoin the billionaire club, it’s time to put those gloves on and start swinging. More →
When Forbes publishes its 2011 list of billionaires on Wednesday, William Henry Gates III will not be at the top. This is by design, however — the world’s richest man title may have been lost after, but a far more important title remains: the world’s top philanthropist. Gates is not new to this title according to the Global Philanthropy Group, and it finally cost him his spot as the world’s wealthiest man last year. Gates has reportedly given away a third of his wealth at this point, and the majority of this astonishing sum has gone to the Bill and Melinda Gates Foundation. When Forbes’ list is published on Wednesday, Carlos Slim will sit at the top again with approximately $60 billion, up from his 2010 sum of $53.5 billion. Gates will occupy the No.2 spot with $49 billion followed by Warren Buffet, another renowned philanthropist, who is now worth roughly $47 billion. According to David Lincoln, director of global valuations at wealth research firm Wealth-X, Gates would currently be worth $88 billion had he not given away any money. More →
We do wonder what it is like to be 26 years old and have a net worth of $6.9 billion. Seems like a pretty awesome problem to have. Forbes is reporting that Facebook founder and CEO Mark Zuckerberg is now ranked thirty-fifth on the Forbes 400 list; a list that details the richest Americans. One notable tech persona that Mr. Zuckerberg leapfrogged is Apple CEO Steve Jobs. Mr. Jobs is currently ranked forty-second on the list with an estimated net-worth of $6.1 billion. The young, social-networking tycoon isn’t just hoarding his cash though. The Wall Street Journal is reporting that the Facebook CEO is expected to announce a $100 million donation to the Newark Public School System. Currently the Newark, NJ system is the lowest performing system in the country; only half of its 40,000 students graduate high school. Nice work Mr. Zuckerburg, we’ll hit the proverbial “like” button for your charitable works. More →
In an interview with Forbes Magazine, Sprint revealed that its first WiMAX enabled handset will launch in the first half of 2010, a few months ahead of its projected 2H 2010 launch. Paget Alves, Sprint’s president of Business Markets, confirmed that the handset and its 4G connectivity will target businesses and government agencies as well as consumers. He declined to provide additional details on the phone but previous rumors suggest that this handset is the HTC A9292 WiMAX bar that was spotted on a Sprint inventory list at the beginning of 2010. This mysterious candybar is thought to be the HTC Supersonic, an Android-powered, Snapdragon-packing handset that was spotted and photographed back in January. Anyone with a need for speed ready to jump on board with WiMAX and pick up this blazing fast handset when it launches?