Nick Woodman No Longer A Billionaire As GoPro Shares Nosedive

Nick Woodman, GoPro founder and CEO, is no longer a billionaire. (Photo: David Paul Morris/Bloomberg)

On Wednesday, GoPro announced it would be laying off 7% of its workforce and that sales for its most recent quarter would come in much lower than expected. In a company-wide email, CEO Nick Woodman tried to remain optimistic, noting that “today isn’t the type of day we’re used to at GoPro.”

“But from the looks of things… tomorrow is looking pretty damn good,” he said, signing off his note.

Tomorrow, however, may not be great either for Woodman. Following the announcements on Wednesday, GoPro’s stock plummeted more than 24% in after-hours trading, shaving hundreds of millions of dollars off the camera maker’s market capitalization and knocking its leader out of the ranks of the world’s billionaires.

With shares hovering at just above $11.00, Woodman is now worth a little more than $995 million, a far cry from the $3.3 billion he was worth in Sept. 2014, three months after his company’s IPO. In the last 12 months, GoPro’s shares have dropped nearly 80%, with the market now valuing the company at well under $2 billion.

The erasure of a comma from Woodman’s net worth comes after GoPro said that sales in the fourth quarter of 2015 would come in at around $435 million, much lower than the $512 million anticipated by a group of analysts polled by Yahoo YHOO -3.45%. That discrepancy was largely due to the fact that sales of its new product, the cube-like Hero4 Session camera, were disappointing, causing the company to slash its price from $399 to $199 during the holiday season.

Woodman first appeared on FORBES’ rankings of the world’s billionaires in March 2013, following a significant investment in the company by electronics manufacturerHon Hai Precision Industry Co., otherwise known as Foxconn. In Dec. 2012, the Taiwanese company purchased an 8.88% stake in the then-private GoPro, valuing it at $2.25 billion. At that time, Woodman had a net worth of around $1.1 billion.