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Woodman keeps his promise, gives away £145 million

Here's a story on how a billionaire kept his promise and gave away a couple hundred million dollars.

According to Bloomberg (opens in new tab), GoPro CEO and founder Nick Woodman returned 4.7 million shares to the San Mateo-based camera maker on May 11.

He did this to keep a promise he gave 10 years ago to his college roommate.

He agreed in 2011 to repay the company for stock options it granted to Neil Dana, who attended the University of California at San Diego with Woodman and was the first GoPro employee.

The billionaire GoPro CEO promised Dana he would give him 10 per cent of any proceeds he received from the sale of the company’s shares, according to the company’s 2014 prospectus. Dana currently serves as the company's director of music and specialty sales.

In 2011, GoPro issued Dana six million fully vested options in addition to 270,000 restricted stock units, Bloomberg reports. Woodman agreed that he would reimburse GoPro when those options were exercised.

After Woodman returns the $229 million (£145m), his net worth will fall to a paltry $2.3 billion (£1.46 billion). Almost broke and homeless.

Woodman was recently awarded by his company a total of $284.5 million (£190.59 million) package of restricted stock. That makes him the No. 1 American executive in the Bloomberg Pay Index, a daily ranking of executives based on their compensation.

The mega pay day is a reward for turning camera-maker GoPro into a consumer electronics giant that is now worth nearly $6 billion (£4 billion).

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.