Nick Woodman is a famous American entrepreneur who founded the successful Company called GoPro. This Company designs cameras for people interested in videoing high-speed sports such as biking, skydiving, water sports and others. Continue reading to find the estimated net worth of Nick Woodman as of 2019.
Early Life & Biography:
Nick Woodman was born on 24th June 1975in Woodside, California. He finished his graduation with a degree in Visual Arts from the University of California, San Diego.
Nick Woodman started his two start-up businesses over the internet. One was an e-commerce site selling electronic goods, Empowerall.com and the other was a gaming website allowing people to win cash prizes, ‘Funbug.’ However, both the businesses failed.
Career, Awards & Nominations:
Around 2002, Nick Woodman traveled to Australia and Indonesia for surfing. He attached to his hand, a small 35mm camera with a rubber band and captured videos of himself while surfing. After returning home, Nick Woodman borrowed $35,000 from his mother and $200,000 from his father and founded GoPro. Nick came up with his unique idea of attaching a belt with the camera for attaching to the sportsman’s body.
Initially, Nick concentrated on cameras attached to the wrist for point and shoot using both hands. In addition to wrist straps, currently, GoPro cameras can be used as head straps, chest harnesses, extending poles and water floats.
According to FORBES, business tips to learn from Nick Woodman are as follows.
1. Follow passions: Nick Woodman went surfing in Australia and Indonesia when he attached a camera to take videos.
2. Fear Failure: Since Nick Woodman twice failed in his start-up businesses, he put his 100% to succeed in GoPro.
3. Obsession for Product: Nick Woodman was obsessed with producing the best-designed camera for attaching to the body.
4. Expert salesman: Over the years, Nick Woodman taught himself to open and close business deals as a perfect salesman. Also, he knew how to market his cameras.
5. Evolve Nick Woodman and his team of experts researched to provide the latest technology for GoPro cameras.
Net Worth & Earnings:
The net worth of Nick Woodman is $900 Million. Most of his fortune comes from his established Company called GoPro that designs special cameras for sports enthusiasts.
GoPro manufactured the first waterproof, Wi-Fi, remote-controlled cameras having a memory of 64 GB costing less than $300. After Japanese Company ordered 100 of GoPro cameras, GoPro sold 2.3 million cameras (2012).
On 26th June 2014, GoPro went public on the NASDAQ under ticker symbol GPRO. The Company surged 38% and reached the peak of market capital ($3 billion) on the first trading day. On the second trading day, the stock surged 20% and gave GoPro $3.25 billion market cap. At the valuation, Nick Woodman’s 45% share was estimated net worth of $1.45 billion. During the peak of GoPro’s stock performance, the Company became net worthy of $11 billion. Meanwhile, Nick Woodman had estimated net worth of $4.5 billion.
Nick Woodman, the CEO as well as the founder of GoPro returned 4.7 million shares worth $229 million to his college roommate, Neil Dana, as part of their past ten years ago. As the first employee of GoPro, Neil Dana is the Company’s director of speciality sales. During the early years of GoPro, Nick Woodman had promised to give Dana 10% of the money made from selling GoPro shares. In 2011, Dana got $6 million in addition to 270,000 restricted stock units. Dana spent $3.6 million when Nick Woodman’s net worth fell to $2.3 billion.
The high peak did not last forever but, lost 80% of the share price. Around January 2016, GoPro was forced to lay off about 7% of its employees. The same year, Nick Woodman’s net worth went below $1 billion. Again in January 2018, GoPro had to lay off more workers. GoPro lowered 90% from the peak causing estimated net worth of Nick Woodman to slide to $900 million.