Instead of selling the company or taking it public, Chouinard, who became famous for alpine climbs in Yosemite National Park and has a net worth of $1.2 billion, is transferring his family's ownership of the company to a trust and a non-profit organization.
"Each year, the money we make after reinvesting in the business will be distributed as a dividend to help fight the crisis," he wrote in an"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."
Patagonia will continue to operate as a private, for-profit corporation but the Chouinard family, which controlled the company until last month, no longer own the company, according to the New York Times, which reported the move earlier on Wednesday. The company's voting stock is being transferred to the Patagonia Purpose Trust while non-voting stock had been given to the Holdfast Collective, a non-profit dedicated to fighting the environmental crisis and defending nature. The trust will be overseen by members of the family.
While rich individuals often make financial contributions to causes, the New York Times said the structure of the Patagonia founder's action meant he and his family would get no financial benefit - and in fact would face a tax bill from the donation.
But there is no climate crisis! So what’s the real story? It would be nice if all Canadians had clean water availible to them. Thats been a crisis going on for years.
This is going to upset the deranged ConMob lowlifes….
Haha, his family will love him. Suddenly he’s saving the world and moving in with Justin? Lol
This is not grass roots support. More money for special interest groups to lobby against what the people want or need.
Idiot!
Oh fuck give it up lol. Probly going out of bussiness and got a good deal to liquidate
Some sort of tax scam I'm sure
Patagonia off limits. Got it. Thanks!
Which won't do F-all for the climate
If our government can't deal with inflation brought on by 'global inflation', how are Canadians paying higher taxes to said government going to solve 'global climate change'? Seem like one should be way, way easier to deal with, but they still can't even do that.
LOL what crisis
Is Trudeau giving up flying next?🙄
So he/she retired period?
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