It’s a familiar story: Two college roommates make a pledge to each other to take care of the other if either of them hits it big. Usually nothing comes of it, but in the case of GoPro CEO Nick Woodman and his roommate, something did come of it – something worth $229 million.
The actual financial mechanics of the deal are probably too involved to get into here, but put in broke layman’s terms it goes like this – back when GoPro was just starting up, Nick Woodman wooed college roommate Neil Dana to come work for the company with the promise of giving him 10% of whatever he made from selling GoPro stock. Long story short, the deal resulted in Dana exercising $229 million worth of stock options, which Woodman reimbursed his company for personally.
This isn’t the first time Nick Woodman hooked up a loved one, having also made his family millionaires (and himself a billionaire) following GoPro’s IPO a while back. But it’s cool to see he’s still spreading the love, especially when a ten-year-old promise is involved. You can read more about the deal, as well as some more technical specifics of how it went down, over at Bloomberg Business right here.