Mike Lazaridis, the founder of the troubled mobile phone maker BlackBerry, has cut his stake in the company to 4.99 percent from 8 percent. The move follows a group, which included Lazaridis, walking away from exploring a bid for the troubled smartphone maker.

Co-founders Lazaridis and Douglas Fregin in October disclosed in a regulatory filing they were considering a bid to buy the company. But BlackBerry abandoned its plan to sell itself last month after a two-month review of strategic options and talks with potential buyers that included Facebook, Lenovo and private equity firms such as Cerberus Capital.

In the end it opted for splashing out on a loan and a restructuring plan. However, it all begs the question that if Lazaridis thought that Blackberry would make a good investment, then why didn’t he keep his money inside the company?