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Nov 4, 2016 @ 16:29

GoPro CEO Nick Woodman Is No Longer A Billionaire (Again) As GoPro Stock Drops 20% After Hours

 

A dramatic plunge in GoPro shares knocked a comma off f0under and CEO Nick Woodman’s net worth on Thursday. Following a disastrous third quarter earnings report, GoPro stock dropped 20% in after hours trading. While the stock drop only shaved $78 million off Woodman’s net worth, it was enough to send him below the billion-dollar mark.

Woodman was worth an estimated $1.02 billion at the close of markets on Thursday. By 6 p.m. Eastern, GoPro stock was trading at $9.74, and Woodman’s net worth had dropped to $947 million.

GoPro reported Thursday that its revenue had fallen 40% to $241 million for the quarter, well below the $316 million analysts had estimated. The company’s adjusted loss was 60 cents per share, a much bigger loss than analyst estimates of 36 cents per share.

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