Newly minted billionaire Nicholas Woodman has generously shared GoPro’s success with his whole family.
With GoPro’s big IPO on Thursday, they all became millionaires.
Although he worked hard for his success, it’s not a rags-to-riches story. He grew up in Silicon Valley and his father was an investment banker who invested and helped him raise funds for GoPro along the way. He and his then girlfriend (now wife) bootstrapped the money he needed to build a prototype, and his mum also kicked in an initial $US35,000 loan.
Both of his sisters went to work for the company, too.
They have all been paid back in droves.
As of Thursday’s closing price of $US31.34, its first day of trading, this is how they all made out, according to documents filed with the SEC:
Sister Pilar Woodman owns a total of 562,433 shares worth $US17.6 million. She also sold 88,000 shares, likely at the share price set Wednesday night of $US24. That would give her $US2.1 million in cash. She’s worked for GoPro since 2011, the company says.
His mum, Concepcion Federman, owns 285,000 shares worth over $US8.9 million. She sold 15,000 shares, gaining $US360,000 cash if she sold at $US24. Ditto for his stepfather Irwin Federman.
So that’s nearly $US17.9 million in net worth for both of them, plus another, perhaps, $US720,000 in cash.
His sister Andrea Moody, who has worked at GoPro since 2009, owns 972,000 shares, worth nearly $US30.5 million. She sold 108,000 shares with the IPO. At $US24, that adds up to almost $US2.6 million cash.
His dad, Dean Woodman, cashed out millions from GoPro back in 2011, when he sold $US6.8 million worth of stock to investors. He didn’t sell more as part of the IPO, so he still owns nearly 7.25 million shares, one of the largest individual shareholders, with a 6% stake. That’s worth $US227.4 million as of close of business Thursday.
Clearly the entire Woodman family clearly had a very good day.