GoPro founder and CEO Nick Woodman has honored a promise he made to his college roommate a decade ago and it cost him $229 million. Woodman had promised to give his college roommate Neil Dana 10 percent of all the money he makes when taking his company public. In 2011, GoPro issued Dana 6.3 million stock options. Woodman agreed to reimburse the company whenever the options were exercised.
Neil Dana, who attended the University of California at San Diego with Woodman, was GoPro’s first employee. He currently serves as the company’s director of music and specialty sales.
Woodman, whose net worth will fall to $2.3 billion, according to the Bloomberg Billionaires Index, was awarded $285.3 million in 2014 compensation, making him the highest-paid U.S. executive.