Patagonia founder donates $3B company to fight climate change
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The founder of outdoor gear company Patagonia, long known for environmental activism, says the company is transferring all of its voting shares into a trust "dedicated to fighting the environmental crisis and defending nature."
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 its voting stock to the Patagonia Purpose Trust 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.
Patagonia Founder and billionaire Yvon Chouinard donated his $3 billion company to fight climate change. (Ben Gabbe/Getty Images for Tribeca X / Getty Images) 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. STUART VARNEY: THE WEST'S OBSESSION WITH CLIMATE CHANGE IS GETTING RIDICULOUS "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. A Patagonia sticker is seen on a door at a store on Greene Street on September 14, 2022 in New York City. (Michael M. Santiago/Getty Images / Getty Images) CLICK HERE TO READ MORE ON FOX BUSINESS 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. Source: Read Full Article
