The founder of GoPro, 36-year-old Nicholas Woodman, is now a billionaire (on paper, at least) after Foxconn purchased a $200 million stake in his company, according to Forbes.com.
The deal bumped GoPro’s worth up to $2.25 billion. For Woodman, who owns more than 50 percent of the company, it was also the boost he needed to break the $1 billion mark.
GoPro, whose HD video cameras are now the go-to device for filming extreme sports, can be strapped onto athletes’ bodies, helmets or other equipment to capture high-definition footage. They were developed at Woodman Labs, a site named after GoPro’s founder.
Foxconn is the licensed manufacturer of devices such as Apple iPhones, Sony Playstations and the Microsoft Xbox. The company is headquartered in Taiwan.
With the deal, Foxconn owns 8.88 percent of GoPro and Foxxconn’s founder, Tery Gou, will now sit on GoPro’s board.
GoPro is based in San Mateo, CA.