GoPro, Inc. is an American tech company founded in 2002 by Nick Woodman. It manufactures action cameras and develops its own mobile apps and video-editing software. However, its fortunes have taken a serious nosedive and a company once worth more than $10 billion has now fallen to about $761 million. This year alone, a total of 36% shares went down. The only piece of good news for GoPro now is if a company acquires it.
GoPro’s CEO Nick Woodman hired investment bank JPMorgan Chase & Co. to make the public know its intention to sell. As of now, the company is interested in selling and recently Chinese manufacturing giant, Xiaomi, is reported to be weighing its options. However, since the news of Xiaomi’s interest broke, GoPro jumped as much as 8.8%. GoPro rose to as high as $5.30, the biggest jump since Feb. 14, and was trading at $5.16 at 1:24 p.m. in New York. Nevertheless, Xiaomi has stated that it is not going to break the bank for GoPro. These are unofficial reports thus nothing is confirmed for now and it is not entirely clear if Xiaomi will pull through with the deal.