Nick Woodman is officially a stock market billionaire.
The GoPro founder and CEO has 53.04 million shares in the company, which debuted on the Nasdaq on Thursday morning. Based on the latest trading price, they are now worth about $1.66 billion.
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But Woodman's payday isn't just theoretical—it's also real cash. In addition to his shares, he already sold 3.56 million shares for $85 million.
Woodman's not the only one at GoPro enjoying a payday. Dozens of GoPro employees, executives, investors and Woodman family members also sold their stock Thursday. Michael Marks of Riverwood Capital sold 1.15 million shares and Edward Gilhuly of Sageview Capital sold 436,700 shares.
Executives Stephen Baumer, Ruben Ducheyne and Justin Wilkenfeld also sold shares. Woodman's dad, Dean Woodman, isn't selling any of his 7.3 million shares. But Woodman's sisters, Andrea Moody and Pilar Woodman, both sold more than 100,000 shares Thursday for an excess of $2 million. His mom and stepfather also sold 15,000 shares each.
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Of course, the sellers are cashing in only 10 percent or less of their holdings, and Woodman himself is only selling around 6 percent. So he and his executives will still be highly vested in the company's success.
Woodman told CNBC on Thursday morning that the sales are a hard-earned reward for those who helped build the company.
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"We have almost 800 employees now, many of whom have been with the company for years and years and years," he said. "They've dedicated a lot of their life and made many sacrifices to make GoPro what it is today. They deserve liquidity. They deserve an opportunity to realize some of the benefit of the hard work they've done."
He added that "there's some concern over me selling but i'm still going to own roughly one-third of the company when this is done."
—By CNBC's Robert Frank.