Patagonia hands company over to Planet Earth

to reroute nearly all of the company’s profits to environmental preservation organizations.in the statement titles, “Earth is now our only shareholder.”

The $3 billion company will continue making activewear and gear, as well as operating as a for-profit business. Patagonia will use profits as needed to reinvest in the company and compensate employees, but all other wealth will be given to its new owners Holdfast Collective and Patagonia Purpose Trust.

The newly formed Patagonia Purpose Trust will own the remaining 2% of the company. It will oversee the company’s voting stock, meaning has the right to approve key company decisions and board member appointments. The trust was created to protect the company’s mission of saving the planet.Michael M. Santiago/Getty Images

Patagonia can go f*ck itself.

Money means nothing to planet earth.

Tax avoidance strategy

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