GoPro’s CEO loses $229M to fulfill promise to college roommate
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GoPro’s CEO Nick Woodman, a billionaire, is slightly less filthy rich after fulfilling a promise to a college roommate… to the tune of $229 million.
Woodman returned 4.7 million shares to his company, fulfilling a promise in 2011 to repay the company for stock options it granted to Neil Dana, GoPro’s first employee and a fellow college student at the University of California at San Diego.
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"Woodman, 39, vowed in the development phase of the 10-year-old company to give Dana 10 percent of any proceeds he received from the sale of the company's shares, according to the company's 2014 prospectus. To cancel this agreement, GoPro issued Dana more than 6 million fully-vested options in June 2011 and 270,000 restricted stock units six months later. Woodman agreed to reimburse the company when the options were exercised." (Source: Bloomberg)
Woodman’s net worth fell to $2.3 billion as a result of the transaction, according to Bloomberg.
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