from Hacker News

GoPro is recalling its Karma drone

by kevinbluer on 11/9/16, 9:55 AM with 12 comments

• by huffpopo on 11/9/16, 3:44 PM

  The stock fell from $85 to $10. At around ~$60 the CEO sells ~$180M in stock to buy a yacht. This may sound stupid to most people but consider this. While yachts depreciate they depreciate less that GoPro stock, which the CEO could have known. CEOs need an excuse to sell large chunks of stock. And given that GoPro is* being sued for grossly misrepresenting projections the CEO can make plausible case that he believed in his own projections no matter how outlandish - because after all he bought a yacht. So while a yacht may look like a ridiculous waste of money, it can actually be a very smart investment.

  *or was, I don't keep that close of an eye on them.

• by olex on 11/9/16, 12:09 PM

  This is not looking good for GoPro at all. The Karma hasn't had really good reviews from the very start, and once DJI released the Mavic it basically lost all chances of grabbing a significant portion of the market. Now this is adding to the injury.

• by yabatopia on 11/9/16, 12:17 PM

  I'm surprised by the low number. Of course, it makes it easier for a recall, but 2,500 sold Karmas seems like a very disappointing launch for a new GoPro product category. Or maybe drones are less popular than I thought.

• by TaylorGood on 11/9/16, 5:13 PM

  Why did they have to go public? Had they not, their bio would read like:

  GoPro. A private company with a cool brand and strong following which sells versatile cameras, is testing out a drone and makes millions along the way.

  Of course, not every IPO leads to warmth and smiles but for this company in particular it has seemed like such a burden.