The founder of outdoor gear company Patagonia, long known for environmental activism, says the company is transferring all of its voting shares into a trust “dedicated to fighting the environmental crisis and defending nature.”
Each year after reinvesting profits back into the company, Chouinard said remaining funds will be distributed as a dividend to the trusts in their ongoing efforts to fight the climate crisis. “Instead of extracting value from nature and transforming it into wealth for investors, we’ll use the wealth Patagonia creates to protect the source of all wealth,” Chouinard wrote.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Patagonia founder gives away entire $3B company to help combat climate changeThe founder of the California-based clothing company ‘Patagonia’ announced on Wednesday that he is giving the company away, ensuring that all profits are used to combat climate change. FOX13 Taiwan is pissed. They might have to lay off their first 9 year old. Great gear, amazing generosity.
Source: fox13seattle - 🏆 328. / 59 Read more »
Patagonia Founder 'Gives Away' Company in the Name of Environmental PreservationIt's not a sale or IPO, but something entirely new.
Source: Fashionista_com - 🏆 474. / 51 Read more »
Patagonia owner donates $3 billion company to climate change activismThe founder of outdoor apparel and gear company Patagonia announced Wednesday that he is giving his company away after 50 years to groups that advocate climate change mitigation. patagonia What a waste patagonia 😂😂😂😂 patagonia Maybe he could feed the poor, but nah let’s throw money at the clouds
Source: dcexaminer - 🏆 6. / 94 Read more »
The founder of Patagonia is giving his company away to help fight climate changePatagonia founder Yvon Chouinard says he will give his company over to a trust, with future profits being donated to causes fighting climate change. More superior human being than Gates, Musk. Bezos, etc. Ironically most of Patagonia’s factories are in China. The world’s leading polluter. walkyourcamera Let’s now sit back and watch their Stock. Had he truly cared, he would have sat up his trust and continued his hard work. 🙊
Source: NPR - 🏆 96. / 63 Read more »
Why Patagonia's Billionaire Founder Gave Away His $3 Billion Company to Fight Climate Change: ‘Earth Is Now Our Only Shareholder'Yvon Chouinard, the billionaire founder of outdoor apparel maker Patagonia, is giving his $3 billion company away for a greater cause: fighting climate change. Curious to see if anyone follows suit. Not holding my breath. 😉
Source: nbcchicago - 🏆 545. / 51 Read more »