Best College Roommate Ever: GoPro’s Founder Just Gave Up $229 Million Because Of A Promise
Talk about being a GoPro Hero
There you are, sleeping in the same dorm as Nick Woodman, and he asks you to join up as the first employee in his crazy action camera idea. You mull it over, thinking about the work load you already have from classes, and then you say “yes.”
Then, you have Nick make you a promise: he will give you 10 percent of any proceeds he receives from the sale of the company’s shares.
You are Neil Dana, and the company is GoPro, because that seriously happened. Well, at least the promise part — we have no idea about the mulling over section, it just seems like that would happen. Who knows how it went down.
All we know is that it did, and Woodman fulfilled that promise.
So how did he fulfill it? In June 2011, the company wanted to cancel the agreement so it would no longer be looming over them, so they issued Dana 6+ million fully-vested options. Then, 270,000 restricted stock units half a year later.
The company didn’t just do this out of the kindness of their own heart based on a decade-old promise, though — they expected Woodman to pay them back for it. And he just did.
He paid the company $229 million on May 11, and now everyone is all square.
So how bad is Woodman hurting now? Having to cut a check like that?
Well, his net worth is now falling to $2.3 billion, and he’ll remain the highest paid executive in the United States.
We feel for him.