GoPro's Nick Woodman Becomes $2 Billion Man As Stock Shoots Higher

Posted: Jun 30 2014, 1:19pm CDT | by , Updated: Jun 30 2014, 1:21pm CDT, in News | Latest Business News

 

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GoPro's Nick Woodman Becomes $2 Billion Man As Stock Shoots Higher
 

GoPro’s 39-year-old founder loves extreme sports. So far he’s surfed the stock market like an expert.

On GoPro’s third day of trading, the company’s stock opened up another 8%. That continues its torrid streak that began last Thursday with a 30% IPO day pop and continued on Friday with further gains. GoPro shares are now up over 60% from the IPO price of $24, which was already at the high end of the company’s projected range.

No one benefits more from investors’ bullish attitude on GoPro than Nick Woodman, the camera company’s energetic young founder. Woodman (and his wife Jill) sold about 3.6 million shares in the IPO, netting a pretax windfall of $86 million. But he still owns over 52 million Class B shares, representing a voting stake of 48%.

Woodman’s shares were worth just over $1.2 billion at the IPO price, but they’re now worth over $2 billion. Including cash and other assets, null

Woodman isn’t the only one to make out well in GoPro’s continued climb. Chinese tech manufacturer Foxconn owns just under 11 million shares of GoPro, now worth about $425 million. It’s a nice paper profit on their original $200 million investment in 2012. Private equity firm Riverwood Capital also holds stake worth about $650 million.

One surprise multi-millionaire is Woodman’s father, Dean. He invested seed capital of $200,000 in his son’s startup (along with other friends and family members). While lending money to a risky family venture can often be a terrible financial decision, this one returned major dividends for Dean Woodman, who didn’t sell any shares in the IPO. null

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The Early Years of GoPro and Founder Nicholas Woodman

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