IMPACT

GoPro CEO Donates Shares Worth $450 Million To Start New Charity

NEW YORK, NY - JUNE 26:  Nick Woodman, founder and CEO of GoPro speaks during the company's initial public offering (IPO) at
NEW YORK, NY - JUNE 26: Nick Woodman, founder and CEO of GoPro speaks during the company's initial public offering (IPO) at the Nasdaq Stock Exchange on June 26, 2014 in New York City. GoPro's small, cheap video cameras, which can be mounted to capture unique points of view and record in high definition, have seen a surge in use for capturing everything from extreme sports to personal moments. (Photo by Andrew Burton/Getty Images)

Much to the chagrin of investors, GoPro’s CEO announced a donation of 5.8 million company shares to help launch a new charity.

Nicholas Woodman and his wife, Jill, said in a statement on Wednesday that they’ll make the contribution, worth $450 million, according to CNN Money, to start their eponymous organization, Jill + Nicholas Woodman Foundation. While it was a generous gesture, investors in the company that makes portable camera equipment were dismayed because the move caused shares to plummet 7 percent.

Thanks to a charity loophole, the billionaire couple was able to make the transaction in advance of a December restriction.

After the company’s initial public offering in June, insiders and early investors were prohibited from selling their shares for 180 days, according to the Associated Press. The limitation, known as a "lock-up agreement," ensures that a new stock's price remains stable before more shares enter the market.

J.P. Morgan, the company’s underwriter, allowed the couple to break the lock-up agreement and their charity is free to sell the shares starting Friday, according to CNN.

Woodman hasn’t yet announced the foundation’s mission yet, but said in a statement that the pair will release more information at a “later date.”

"We wake up every morning grateful for the opportunities life has given us," Nicholas and Jill Woodman said in a joint statement. "We hope to return the favor as best we can."

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