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October 10, 2014

Silicon Valley Fund Won't Sell GoPro Gift Shares This Year

A week after receiving a $500-million stake in the camera maker GoPro—a gift that sent the firm's share price tumbling—the Silicon Valley Community Foundation said Thursday that it would not sell any of the stock until 2015 at the earliest, The Wall Street Journal reports.

Nicholas Woodman, the founder of GoPro, and his wife, Jill, announced on October 1 that they would donate 5.8 million shares to establish a donor-advised fund managed by the nation's largest community foundation. The gift required a release from "lockup" rules that typically bar a firm's insiders from selling stock within six months of an initial public offering so as not to put pressure on prices. GoPro went public in June.

In a regulatory filing Thursday, foundation executives said they did not intend to sell any GoPro stock before the end of the year but "anticipate selling a portion of the [shares] in 2015 and afterwards." The filing did not say how many shares the fund planned to sell or over what period.