Things continue to look bleak for once-great video rental chain Blockbuster as it was revealed today that billionaire Carl Icahn, once the biggest single shareholder in the company, has unloaded around 78% of his Blockbuster stock in the last week.
On March 25, Icahn owned over 19.9 million shares of Blockbuster. As of yesterday, that number had dwindled to around 4.36 million shares.
This news comes one day after Blockbuster was told they were at risk of being de-listed from the New York Stock Exchange and two weeks after the company warned in its annual report that they may need to file for bankruptcy to stay afloat.
Carl Icahn Dumps a Ton of Blockbuster [Marketfolly]