Patagonia's founder has donated $3 billion to a company to fight climate change
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| Patagonia donates |
Patagonia's founder has donated $3 billion to a company to fight climate change.
Patagonia founder Yvonne Chouinard, his wife, and two adult children are giving their ownership to the apparel maker he started nearly 50 years ago.
The company's non-voting stock, which is worth about $3 billion, will be in collective ownership that will use all profits not reinvested in the business to fight climate change.
The company hopes to contribute around $ 100 million per year depending on business health.
The founder of Patagonia Yvon Chouinard contributed to the company to help fight climate change
September 15, 2022
Patagonia founder donates to the company to help fight climate change
The founder of Patagonia moved the company's ownership after nearly 50 years into two entities that would help fight the climate crisis.
Patagonia is a private company based in Ventura, California, which sells outdoor clothing and equipment.
Yvon Chouinard founded the company in 1973.
Patagonia said in a press release Wednesday that, effective immediately, Chouinard and his family will transfer their entire ownership stake to the two newly created entities.
Those entities will ensure that the company's values are upheld – and that Patagonia's profits are used to combat climate change.
The company's largest share -- or 98% of Patagonia's stock -- will now be under Holdfast Collective.
This non-profit will ensure that the company's annual profits, around $ 100 million per year, will be used to "protect nature and biodiversity, support a developing community, and fight the environmental crisis."
The remaining shares of the company will fund the new Patagonia Purpose Trust.
