Today I Fire Gopro CEO Nick Woodman
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Nick Woodman today, I fire you today explain exactly why you deserve to be fired. If I had 100% control over this company, I would fire you in a second.
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This was the last straw. What has happened here today is the last straw. And there’s so many reasons on why it had been building and it had been building for you to be fired.
And today I say you have to be fired. But we got to go back. We got to go back a time before I was even invested in GoPro. We got to go back to the IPO. You sell a bunch of shares an IPO? Fine, that’s fine. Most companies, most CEOs when they go public, they sell a bunch of shares in their company. That’s cool.
And they still hold a bunch that’s fine. So then a few months later, you sell off a massive portion of shares that you were not supposed to sell because of the lockup period. But you got around it because you gave to your wife’s charity she started that’s really fishy in itself.
Okay, that made a lot of investors mad way back then. In that may Wall Street distrust you already you got a bad jump on the game. Okay. Then as time goes on, you launch a product. This is still before the time I was invested in your company, you launch a product called the Hero Session.
Okay, the hero Hero Session for it actually was you launch us in July of 2000? I believe it was 2014. Okay. Or 2015. You launch this product? Okay, a complete flop. You flopped on that product. You thought it was going to be the next flagship product for the company.
And it was not you flopped. That’s okay, though. Like, I’m willing to look past that. Like, sometimes you just come out with the product and you’re in the consumer electronics game. Sometimes you come out with a product that is a flop it doesn’t sell, okay, okay, I can deal with that.
Okay, I can deal with that. Then you say you’re going to launch a drone product, okay. You don’t push this drone day back, not once you push it back to Weiss, okay. You push his drone back twice because it wasn’t ready and it wasn’t ready. And now we’re finally going to launch. Okay.
So then you launch this Karma drone. And what happens with this Karma drone? It has to be recalled because some of them are falling out of the sky. Okay, so you you have to push this product back twice. You know, we’re talking about almost a year you push this product back and you still did not have it up to par when it was ready for launch.
Are you kidding me? That’s cold. That’s complete incompetence right there. That’s completing competence. Then you launch the hero five black at the same time, okay? And you don’t produce enough units out there. So the retailer’s then end up not even wanting to do promotions around the holidays? Are you kidding me? Are you kidding me?
How incompetent Can you be okay? So this all has me on the edge already. Okay, then your stock price is faltering and faltering. Obviously, you cannot gain confidence in Wall Street, you have all this growth with your company, but you can’t explain it well enough to Wall Street out there to make men believe in it. Because those are the people that really need to be putting money into the stock to get the stock price to rise, right?
So you got these good things going with the company, but you’ve got 37% growth, you got a 20% growth 30% growth in quarter after quarter. And you can’t even get the stock price to budge. Because no one has faith in you out there in the Wall Street land Do they know because if they did have faith in the story, you were spilling, you know what.
They would be rising that stock price, they would be putting millions of dollars in his company day after day. And they’re not because they don’t believe in you. And because they don’t believe in the story you’re putting out there, even though the results are showing there.
Okay, so obviously, you’re not a good you’re not a good enough storyteller out there to Wall Street, which is a part of the job of a CEO part of the job of a CEO is not just to make sure the company is running. Right, which you made a ton of failures there. Right. Okay.
And we can go back even to you know, when the company IPO and you said it might be a media company and you failed at that too. We can go back there as well. Okay, that was a huge failure in itself. But as part of the your job as CEO is to give confidence out there to Wall Street to the big money managers to say hey, come invest in our company, our stocks a good stock to be invested in and.
Here’s the reasons why you have not obviously done even close to a good enough job because here we are with the stock price. It’s near the 52 week low. And the last straw King yesterday what I read blew me away. You are now selling massive amounts more shares millions upon millions upon millions of dollars worth of shares. Because you feel like you need to diversify a little bit.
That’s the biggest bunch of bullcrap I ever heard in my life. I don’t ever remember Jeff Bezos say, Oh, and I own too many Amazon shares. Let me sell some Amazon shares because I need to be a little more diversified. Don’t ever remember Warren Buffett saying, oh, man, I own too many Berkshire Hathaway shares. Let me diversify.
Hell no. And especially especially now when the stock is somewhat near its 52. Week low, you don’t do that. If you’re real CEO, and you really got the back of your company, then you do what Steve, when did when his shares were down drastically?
What did he do? He loaded up on a bunch more shares, even though he already owned about 10% of the company, okay, him and his ex wife owned about 20% of the company, and he still loaded up on a bunch more shares when the company was low. You know why? Because that’s what real CEOs do. When their stock prices fall dramatically.
They get behind the company, they invest more money, they don’t sell off shares, okay? It’s like your your general going into the war. And then you’re like, Okay, you guys go fight, I’m gonna go chill in the back. No, you go fight with those guys. And you’re not coming to fight with us shareholders, apparently, because you’re selling off massive amounts of shares.
So for that reason, I am no longer interested in you being the CEO of the company, you need to step down immediately. If you want to take another position in marketing or something, that’s fine, you need to take a step down, you are not meant to be CEO of this company, for the the mere fact that you have failed time and time and time.
Again, there’s a point where you failed so many times. And you’ve you you made so many people distrust you, that you just have to pack it in and say, You know what, I had a good run here, it’s time for someone else to run it. And that’s the time for you, because you have made massive amounts of Wall Street individuals distrust you, you have failed on products, time and time again, in the way the business is run, time and time again.
And for that reason, it is time for you to go, it is time for you to step down from the baby you started. And you know what, you just got to live with that because you tried. Hope you tried. I’m not even sure if you tried with how many failures you had. But if you did try, it’s time to let go.
It’s time to let go and let someone else run this company got a phenomenal brand. It’s moving in the right direction. But guess what the stock price isn’t. And obviously you’re not with that stock price, because you’re selling off share. So for that reason, it’s time for you to go, it’s time for somebody else to take it.
I don’t mind actually the CEO, taking that position of CEO, I think he’s done a phenomenal job. I think he’s one of the main reasons why this company has turned around the way the job he’s done. So that’s, that’s what I’m talking about. And by the way, guys, so you know, in my book, and in my stock market course, I was talking about a good management team, and how that’s one of the most important things.
Well, what I shouldn’t be more specific about is make sure there have been a good management team as a public company. This is where I failed with my GoPro investment. I failed with my GoPro investment because I judged them off of when they were a private company, being a good management team. Well, guess what, unfortunately, you’ve got to judge it when they’ve been a public company, you’re judging off of when.
They’ve been a private company, you’re setting yourself up for failure because you don’t know everything that’s been going on with that company, you can kind of see from the outside that they’ve built the business, but you can’t see all the specific moves like you can win if it was a public company.
So for future reference, guys, when you’re judging the management team, make sure they’ve been a public company already in the you’ve been judging them and looking at their past track record, not just looking at, you know what they did as a private company because you don’t know the true story.
And I’ve never know the true story behind Nick Woodman in what management was doing as a private company. Maybe they were having a lot of failures. Maybe the business just happened to be grown because it was a huge niche at the time. So that’s a lesson to be learned out there guys, but Nick Woodman your fire