Patagonia Founder Gives Away $3 Billion Company To Fight Climate Change

Patagonia founder Yvon Chouinard has given away his multibillion-dollar business, redirecting its profits toward the fight against climate change.

The news caps a fitting end to the trail-blazing rock climber’s unconventional business career. As one of the best-known outdoor clothing and gear brands, Patagonia could easily go public. Chouinard could also find a willing buyer. Or, he could simply retire, retain his ownership and keep the $3 billion business in the family.

Instead, Chouinard, 83, and his family are shifting their stake in the company to Patagonia Purpose Trust and a nonprofit called Holdfast Collective, which will redirect the company’s annual profits toward environmental causes. “Earth is now our only shareholder,” published Wednesday. “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.”, which first reported the news. That structure has attracted wide criticism in recent years because it allows nonprofits to spend untaxed donations to influence politics while concealing donors’ names.

To all the weary political travelers here... Here's a bit of good! News 🙏

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What a great example of corporate responsibility to the World.

Should've given it to me. -The clown in our heads.

Not sure how this is going to work but at least he's trying, more than I can say for you JustinTrudeau

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We are not stopping climate change, hate to break the reality to everyone. You must adapt and get used to warmer weather and rising sea levels. Nothing u can do to stop it at this point, u can delay it and make it 'slower' but its not really going to work next 50 years.

“Well that sucks” -every other share holder

W O W

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Billionaire No More: Patagonia Founder Gives Away the Company'Hey, friends, we just gave our company to planet Earth.' (Nice people Patagonia) vs. Right-Wing Dark Money Group Gets $1.6 Billion Donation From Tax-Dodging Business Mogul (Bad people hellbent on destroying this planet) patagonia The blood thirsty money hungry geed class gonna kill everything for centuries nytimes Okay
Источник: commondreams - 🏆 530. / 51 Прочитайте больше »

Patagonia Founder Gifts Entire Company to Fight Climate ChangeThe founder of Patagonia is handing over his company, valued at $3 billion, over to trusts and non-profit organizations focused on fighting climate change. True leadership by example My chin dropped! What’s the catch?
Источник: RollingStone - 🏆 483. / 51 Прочитайте больше »

Patagonia Founder Gives Away Entire Company To Fight Climate ChangeAll future Patagonia profits that aren’t reinvested into the company will go toward combating climate change, the company said, stripping founder Yvon Chouinard of his billionaire status. 👏🏼👏🏼👏🏼👏🏼👏🏼👏🏼👏🏼 Great article. 写7谢谢7777777777777谢谢77
Источник: Forbes - 🏆 394. / 53 Прочитайте больше »

Patagonia Founder Is Giving His Company Away in Pledge to Fight Climate ChangeRather than sell the company or take it public, Yvon Chouinard said the outdoor clothing brand he founded nearly 50 years ago will be owned by a trust and a nonprofit organization. Lame I read the wapo or nyt article (I forget which) and I was so impressed and grateful that I resolved to buy their products from now on; until I went to their website and remembered why I didn’t buy their stuff before. (Very pricey) Holdfast Collective, the nonprofit organization, owns 98% of the company and all of the nonvoting stock, which doesn’t give it decision-making authority. The Patagonia Purpose Trust owns 2% of the company and all of the voting stock. Voting stock matters.
Источник: WSJ - 🏆 98. / 63 Прочитайте больше »