In a letter posted on the privately-held company’s website on Wednesday night, founder Yvon Chouinard said the 50-year-old company would transfer 100% of the its voting stock to the Patagonia Purpose Trust and and 100% of its nonvoting stock had been given to the Holdfast Collective.
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. Chouinard said the other options for the Ventura, California company to dedicate itself to protecting the planet — selling the company and donating the proceeds; or taking the company public — were not viable for Patagonia’s ultimate goals.
“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.Patagonia makes outdoor clothing, gear and accessories for everything from skiing to climbing and camping. Chouinard said he “never wanted to be a businessman,” and started Patagonia as a craftsman, making climbing gear for himself and his friends.
The highlighted sentence is wrong. See IRC 2512.
May seem nit picky but, like NYT, AP gets certain differences between 501(c)(3) and 501(c)(4) wrong. Public charities can lobby subject to limits, which for the majority of charities can be generous.
why doesn't he buy everyone who wants one a 60,000 electric car?
TAX FRAUD!
Based AF!
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Patagonia Founder Gives Company Away to Environmental TrustsFounder Yvon Chouinard said the 50-year-old company would transfer 100% of the its voting stock to the Patagonia Purpose Trust and and 100% of its nonvoting stock had been given to the Holdfast Collective.
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Patagonia founder gives Ventura-based company away to environmental trustsThe company, based in Ventura, is transferring all of its voting shares into a trust dedicated to fighting the environmental crisis and defending nature.
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Patagonia Founder 'Gives Away' Company in the Name of Environmental PreservationIt's not a sale or IPO, but something entirely new.
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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
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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. 🙊
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