Nick Woodman Net Worth
Who is Nick Woodman
Nick Woodman is the founder CEO of GoPro. He was born to Investment Banker father Dean Woodman and Concepcion Woodman on 24th June, 1975. He was brought up in Menlo Park, Californaia. He went to Menlo School. He graduated from University of California, San Diego with a degree in visual arts and a minor in creative writing.
Woodman founded two startups after leaving school. One was EmpowerAll.com which sold $2 Electronic goods. His next venture was Fun bug, which was a gaming platform. Both ventures did not take off.
Woodman took a break and went surfing around the world. A new business idea entered his mind while surfing. He mused he could design a cost-effective attached to the body camera to capture close-up live action photos.
In 2002, he developed this idea and converted into a startup with a $235,000 investment from his Banker father. He named it GoPro, a cost effective camera system that could take professional footage. His investment also included an additional loan of $35000 from other sources and $10000 which he made by selling Bali shell necklaces. He also borrowed his mother’s sewing machine to stitch Camera straps.
The first 35 mm GoPro camera was a developed by Hotax a Chinese company. They used Woodman-developed wrist strap and altered some parts marginally. Woodman purchased this for $3.05 and sold it for $30 on his mobile Volkswagen bus.
Woodman got his first big order of 100 cameras from Japanese Company. The sales soared and doubled year after year. The 35mm camera was now in a waterproofed digital avatar, with features like WIFI access, micro SD storage card and controllable with a remote. The revenue of GoPro grew from $150,000 in 2014 to $350,000 in 2015.
Foxconn a Taiwanese Company purchased 8.88% of the Company’s stock for $200 million in 2012. This improved the company’s market value making Woodman a billionaire. GoPro sold 2.3 million cameras that year!
GoPro was registered at the NASDAQ with a symbol GPRO On June 26 2014. On the first day itself the stock went up 35%. The next day the stock moved 20% more. At the zenith the company was valued at $11 billion and Nick Wood was net worth $4.5 billion.
The company entered into a partnership with NHL around this time. Woodman also appeared on TV in shows like Late Show with Stephen Colbert and Shark Tank as an Investor in 2015. But Go Pros’ attempt to enter the entertainment industry failed miserably. This venture ate into the profits of the camera business. By 2016, the company started losing revenue and had to layoff a big part of its workforce. Its net worth dipped while it lost 80% of its share price in 2018.
Woodman contributed to the Jill + Nicholas Woodman Foundation by donating 5.8 milion shares of his Company GoPro.
He was honored for his philanthropy at the BUILD’S 5th annual gala in San Francisco.
Life History of Nick Woodman
Woodman married Jill R.Scully who helped him setup GoPro. They live in Woodside California with their three children. Woodman is one of the highest paid CEOs in the young age category. His ways are known to be eccentric.
Awards and Recognition
Woodman is the recipient of national Ernst & Young Entrepreneur of the Year Award under the category Retail and Consumer Products. He received this award in the year 2013.
His company GoPro received the Emmy Award for Technology and Engineering under the category- Inexpensive Small Rugged HD Camcorders.
Net worth of Nick Woodman
Nick Woodman is an American Entrepreneur and the founder of GoPro. His net worth is $800 million.