The founder of Patagonia, an eco-friendly clothing company, recently gave away the $3 billion company in an effort to combat climate change.
Yvon Chouinard, 83, started his successful career as a craftsman, making gear for his friends.
Chouinard went on to become the founder of Patagonia, creating this business to prevent global warming and ecological destruction. The eco-friendly clothing business annually donates one percent of its earnings.
As time passed, Chouinard and his family wanted to create their own purpose with Patagonia and deliver it the justice it deserves as it gets passed on.
“One option was to sell Patagonia and donate all the money,” Chouniard wrote on his website in an open letter. “But we couldn’t be sure a new owner would maintain our values or keep our team of people around the world employed.”
The outdoor retailer worth 3 billion was since given away to a non-profit organization to help combat climate change.
Could not be more proud to serve on the board of directors of @patagonia. 💚 As of now, Earth is our only shareholder — ALL profits, in perpetuity, will go to our mission to “save our home planet.” https://t.co/SLTTTbao4y
— Dr. Ayana Elizabeth Johnson 🐙 (@ayanaeliza) September 14, 2022
The company’s voting stock was transferred to the new organization Patagonia Purpose Trust, which guarantees and values the family’s morals.
Holdfast Collective, which helps fight environmental crises and defends nature, collects the money from the trust.
“The funding will come from Patagonia: Each year, the money we make after reinvesting in the business will be distributed as a dividend to help fight the crisis,” Chouinard added in the letter.
Chouinard is acutely aware the Earth’s resources have run out and is putting forth an immense amount of effort to do what he can to save it.
“If we have any hope of a thriving planet — much less a thriving business — 50 years from now, it is going to take all of us doing what we can with the resources we have. This is another way we’ve found to do our part.” He said.
Despite their generosity the family will need to pay 17.5 million in taxes with no benefits The trust will be operated by advisors and close family.
Chouinard claims that “Earth is our only shareholder.”
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