GoPro billionaire Nick Woodman returned $229 million in shares to uphold a promise he made to his old roommate

Nick woodman goproAndrew Burton/Getty ImagesGoPro CEO Nick Woodman.

Nick Woodman keeps his promises.

According to Bloomberg, the GoPro founder and CEO returned 4.7 million shares worth $US229 million as part of an agreement he made with his college roommate 10 years ago.

Neil Dana, who attended the University of California at San Diego with Woodman, was GoPro’s first employee.

He currently serves as the company’s director of music and specialty sales.

When GoPro was in its early days, Woodman promised to give Dana 10% of any money he made from selling GoPro shares.

In 2011, GoPro issued Dana 6 million fully-vested options in addition to 270,000 restricted stock units, Bloomberg reports. Woodman said that he would reimburse GoPro when those options were exercised.

Dana spent $US3.6 million to exercise his options this week. According to Bloomberg, Woodman’s net worth will fall to $US2.3 billion after he returns the $US229 million worth of shares to GoPro.

NOW WATCH: Tech Insider videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.