NEW YORK ( TheStreet) -- Billionaire investor Carl Icahn is losing his faith in Blockbuster ( BBI). Over the past week, Icahn shed more than 13 million Class A shares, reducing his ownership to 5.1% as of March 29, according to a Securities and Exchange filing. In January, Icahn was one of the biggest investors in the movie rental chain, holding a 16.9% stake of Class A shares.
Icahn also reduced his stake in Class B shares. Earlier this year, Icahn also resigned from Blockbuster's board of directors. Blockbuster has been on a slow decline, warning in March that it may have to file for bankruptcy if cash levels remain weak. It currently has about $1 billion in debt. On Monday the company announced that it is seeking shareholders to vote on a reverse stock split at its annual meeting on May 26. It also said it received a warning from the New York Stock Exchange that it has fallen below the minimum market capitalization of $75 million over a 30-day period. Blockbuster has 45 days to regain listing compliance. Shares of Blockbuster reached a new 52-week low on Tuesday of 24 cents. -- Reported by Jeanine Poggi in New York.