GoPro Founders Donate $500 Million to Community Foundation

GoPro Founders Donate $500 Million to Community Foundation

The founders of high-tech camera maker GoPro have donated 5.8 million shares of company stock worth nearly $500 million to the Silicon Valley Community Foundation, Fortune reports.

The gift of stock from Jill and Nicholas Woodman will be used to establish a donor-advised fund, the Jill + Nicholas Woodman Foundation, at SVCF. Emmett Carson, president and CEO of the community foundation, told the Chronicle of Philanthropy that the gift will push the foundation's assets past the $6 billion mark. In 2012 and 2013, SVCF received gifts of stock totaling $1.5 billion from Facebook founder Mark Zuckerberg and his wife, Priscilla Chan.

The gift from the Woodmans, who were released from "lockup" restrictions on the shares by lead IPO underwriter JPMorgan and which will give them a significant tax benefit, caused the price of GoPro stock to fall some 12 percent on Thursday. A spokesperson for SVCF told the Wall Street Journal that the foundation had no immediate plans to sell the shares.

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

"GoPro Founders Give $500-Million to Silicon Valley Community Foundation." GoPro’s Share Price Drops After Charity Breaks IPO Lockup 10/02/2014. Maria Di Mento. "GoPro Founders Give $500-Million to Silicon Valley Community Foundation." Chronicle of Philanthropy 10/03/2014. Laura Saunders, Telis Demos, Steven Russolillo. "GoPro Stock Dives After Donation." Wall Street Journal 10/02/2014. Myles Udland. "GoPro Is Crashing After Founders Find a Way Around the Lock-Up Restriction." 10/02/2014.