Nick Woodman went from selling shells out of a VW van to running the greatest American camera company of the 21st century & donating $500 million to charity. Or, Nick Woodman was a rich kid turned QVC salesman who made himself billions at the expense of his investors.
Which story is the true story?
Chelsea & Tony Northrup cover the history of GoPro cameras and try to figure out what went wrong.
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GoPro is killing its drone business, slashing 20% of its staff and is reportedly exploring a possible sale of the company after reporting weak demand for its products.
The company, which had 1,254 emplyees as of September 30, is trimming that to fewer than 1,000. Founder and CEO Nicholas Woodman is also cutting his annual pay to $1. The company had previously laid off about 200 employees in November of 2016.
The company said its Karma drone, which cost about $800 without a camera and about $1,100 with a camera, was the second best seller in its price range. But it said a hostile regulatory environment in Europe and the United States, as well as an extremely competitive market, makes staying in the business untenable. GoPro said it will exit the business once it sells off its remaining Karma inventory.
“When we considered the amount of investment in the category relative to the profit margins that are possible in that category, we determined it wasn’t going to continue to be a sound business investment for us,” Woodman said in an appearance on CNBC Monday.
Woodman declined to answer a question about whether GoPro has discussed a possible sale.