RIM's faltering stock sees Forbes pull CEOs Mike Lazaridis and Jim Balsillie from billionaire's club

by Knowlton Thomas

With only about 1,200 billionaires in a world of nearly seven billion people, it's a pretty exclusive club.

Co-CEOs of Waterloo's Research In Motion, Mike Lazaridis and Jim Balsillie, were—up until now—both billionaires thanks to the tremendous success of their company. Forbes officially ranked them earlier this year, with Mike taking the $651 spot with $1.9 billion and Jim claiming spot 692 with $1.8 billion.

However, nearly all of their wealth is tied up in RIM stock—which has plunged from a high of $140 to a five-year low of under $30. This has slashed their net worth by more than half, rendering them each worth about $800 million.

Forbes did note that, if not for both men's generous charitable donations over time, they would probably still be on the list.

Waterloo, Ontario, Canada

Research In Motion (RIM), a global leader in wireless innovation, revolutionized the mobile industry with the introduction of the BlackBerry solution in 1999. Since then, BlackBerry products and services have continued to change the way millions of people around the world stay connected. With the launch of BlackBerry 10, we have re-designed, re-engineered and re-invented BlackBerry. Not only... more

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Knowlton Thomas

Knowlton Thomas

Knowlton is the managing editor of Techvibes and author of Tempest Bound. Based in Vancouver, Knowlton has been published in national publications and has also appeared on television and radio. Previously he was an editor for New Westminster weekly The Other Press and served on its board of directors. When not working, Knowlton enjoys hiking, tennis, and martial arts. more

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