Does someone else’s wealth make you poor?
GoPro is the maker of wearable sports cameras, loved by mountain climbers, divers, surfers and other extreme sports fans. They sell just one camera design, under the Hero brand, which retails for between $199.99 and $399.99, and their corporate slogan is “Be a HERO”.
I love the open letter that GoPro’s founder and Chief Executive Officer, Nicholas Woodman, has on their website in the ‘About Us’ section, because to me, it exemplifies what CAPITALISM is all about. He says:
Think it. See it. Do it.
We dream. We have passionate ideas about what’s possible in this world. Our passions lead us to create experiences and realities that expand our world and inspire those around us.
GoPro helps people capture and share their lives’ most meaningful experiences with others—to celebrate them together. Like how a day on the mountain with friends is more meaningful than one spent alone, the sharing of our collective experiences makes our lives more fun.
The world’s most versatile cameras are what we make.
Enabling you to share your life through incredible photos and videos is what we do.
This is your life…GoPro.
Late Wednesday, it was reported that the company sold 17.8 million class A shares at $24 each in its initial public offering of stock. The IPO raised about $427.2 million, and gave the company a valuation of approximately $2.96 billion
GoPro’s Founder and CEO Nick Woodman holds a GoPro camera in his mouth as he celebrates his company’s IPO at the Nasdaq MarketSite in New York, Thursday, June 26, 2014.
As the Founder and Chief Executive Officer of GoPro, Nicholas Woodman and his family are also the company’s biggest stockholders, with a total stake of 49 percent. Offering the general public the opportunity to become part owners of the company, allowed him the opportunity to have a net-worth of approximately $1.45 Billion.
The question is…did his becoming a Billionaire somehow take food off of the plate of some little kid in the ghettos of south-side Chicago? Did his increase in wealth mean that some little kid, living in the hills and hollers of West Virginia, will not have shoes to wear, or a roof over their head? Does his richness mean that children in “3rd World Countries” will not have access to potable water?
The obvious answer is, “NO…no it doesn’t at all.” Check out our friend and fellow Unhyphenated American, Mr. Bill Whittle, as he masterfully explains the beauty of WEALTH CREATION, using CAPITALISM, in a FREE MARKET
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