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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