BlackBerry on brink of Bankruptcy,sells itself for $4.7 Billion
BlackBerry seems to be getting pushed down further and further into a ditch it seems, first it laid off around 40 percent of its workforce as it was expecting a record second-quarter loss of almost $1 billion. It seemed to working out “strategic alternatives” since several weeks now out of which two options were to either go private or sell itself.
BlackBerry did just that and sold itself to a Canadian insurance company, Fairfax Financial for $9 per share, in a deal that would sum up to $4.7 billion. This decision was taken after Apple gained 5 percent of the market share where BlackBerry was already fairing badly in the first place. Apple sold a record 9 million 5S and 5C iPhones on the first weekend alone.
BlackBerry was trying to pull itself up by introducing their legendary messenger BBM for Android and iOS but sadly that too got halted due to technical issues. According to a lot of financial analysts the best route for BlackBerry right now is to go private and rebuild itself from there, other wise it is just a sinking ship. Hopefully for the sake of all BlackBerry users worldwide the company manages to survive.