Nick Woodman is well recognized for being the creator of GoPro camera, which was created with the express purpose of assisting sports fans and adrenaline addicts in obtaining amazingly sharp and up-close films.
In this article, we’ll discuss Nicholas Woodman net worth in 2023.
What is Nicholas Woodman’s Net Worth and Salary 2023?
Nicholas Woodman’s net worth is estimated to be around $300 million. He is the founder and CEO of GoPro, a company that produces action cameras and develops its own software.
He studied visual arts at the University of California, San Diego, before dropping out to pursue his business ventures. Woodman is an avid surfer and often uses his GoPro cameras to capture footage of himself riding the waves.
Nicholas Woodman took home a $3 million salary in 2017. That’s more than 1,000 times the median worker salary at the company, which was just $24,000 that year. Woodman is no stranger to high paydays: he made $285 million in 2016 and $800 million in 2015.
Nicholas Woodman Overview
Nick Woodman was born on June 24th, 1975, and raised in California. He attended college there and received a degree in visual arts there as well.
The GoPro wasn’t Nick’s first foray into business; he had already tried to start two businesses.
The first was a website called Empowerall.com that offered electronics for extraordinarily low markups. The second was Funbug, a game website that allowed users to win real money.
Sadly, they were both a failure, but Nick gained the knowledge he needed to be successful with GoPro.
Woodman surfed the world in 2002. While surfing, he came up with the idea for a cheap camera that could capture close-up film while attached to the photographer’s body. This led to GoPro’s camera.
Nicholas obtained funding for GoPro’s first year by selling imported belts from Indonesia at a significant markup (often 50 times the original price) while driving up and down the California coast in his Volkswagen Bus.
The first GoPro camera was waterproof, Wi-Fi-enabled, remote-controlled, and 64 GB. Under $300.
Japanese business ordering 100 units gave Woodman hope. In 2012, the company sold 2.3 million cameras.
GoPro went public on NASDAQ as GPRO on June 26, 2014. The company’s market cap surpassed $3 billion on its first day of trade. On day 2, the shares jumped 20%, giving the company a $3.25 billion market valuation.
Nick’s 45% ownership was worth $1.45 billion at that valuation. GoPro was valued $11 billion at its peak, and Woodman was $4.5 billion. The ride was unlimited.
GoPro’s shares dropped. GoPro let off 7% of its workers after its share price dropped 80%. Nick dropped below $1 billion. GoPro’s founder announced layoffs in January 2018.
By then, the company’s share price had fallen 90% from its high, and Woodman had $800 million. His net worth dropped to $300 million in July 2020 when GoPro stock fell. Still rich, but not $4.5 billion.
Rosen Law Firm filed a class action suit against GoPro in late 2016, alleging “false and deceptive disclosures to investors.”
The lawsuit claims GoPro’s Karma drones “were prone to losing power midflight, causing them to fall out of the sky” and that the company “overstated the product’s value and customer demand.”
GoPro canceled the Karma drone in 2018, and JPMorgan Chase was speculated to be selling the firm. Nicholas said, “If GoPro could partner with a larger firm to grow, we’d consider it.
We’re not currently involved.” In 2020, GoPro laid off over 200 people (almost 20% of its staff) because to the COVID-19 epidemic. GoPro bought stabilizing software ReelSteady in March 2020.
In a college art course, Nicholas and Jill Scully fell in love and got hitched in 2012. The couple has property in California, Montana, and Hawaii, a Gulfstream V jet, a 180-foot yacht, and three kids together.
The Jill + Nicholas Woodman Foundation, the Woodmans’ charitable foundation, received 5.8 million GoPro stock from them in 2014.
By donating, Nick avoided paying capital gains taxes and significantly cut his taxable income by $450 million.
By 2018, the given stock’s value had decreased to $36.1 million. At their annual banquet in March 2014, the nonprofit BUILD (Business United in Investing, Lending and Development) organization recognized Woodman for his humanitarian efforts.
In 2015, a San Francisco center that prevents child abuse received $2.85 million from the Jill + Nicholas Woodman Foundation, and in 2019, a community center in Montana received $4 million.
Nicholas spent $13.7 million in 2014 to purchase the “Boogie Ranch,” a 150-acre ranch in California. The home has five bedrooms, and there are also two guest cottages, a bocce ball court, a swimming pool, and a tractor barn on the property.
Woodman listed the ranch for $20 million in July 2020. He paid $12.5 million for the 8,165-square-foot house in 2011, having previously sold a nearby Woodman residence for $18.4 million.
Why is Nicholas Woodman famous?
Nick Woodman and his wife sold shell jewelry and belts out of a VW van in California to establish Company GoPro. His parents loaned them $235,000. GoPro went public a decade later and now has 1,700 people.
FAQs about Nicholas Woodman
Is Nick Woodman a billionaire?
Nick Woodman’s net worth is $300 million as of November 2023, down nearly $2 billion from several years ago after GoPro share prices fell.
How much is GoPro net worth?
As of November 9, 2023, GoPro’s market cap was $773.45 million, making it the 2,721st largest US public company. GoPro’s market cap fell 49.19% in a year.
What is Mark Cuban’s net worth?
The estimated net worth of Mark Cuban is $4.8 billion.
How old is Nicholas Woodman?
Nicholas Woodman age is 47 years old.
How tall is Nicholas Woodman?
Nicholas Woodman height is 1.76 m
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