, 2022-09-22 14:08:15,
Rock climber by choice and billionaire by chance, founder and ex-majority shareholder of Patagonia Yvon Chouinard has just given away his company to save the planet he loves from the climate crisis. This month, the begrudging business magnate made a historic decision to transfer his ownership of the company to the newfound Patagonia Purpose Trust devoted to upholding the company’s values and the Holdfast Collective, a non-profit organization dedicated to protecting the planet.
Chouinard released a statement asserting that he never hoped to be a businessman, but with Patagonia, he attempted to improve how sustainable business could be conducted. Now, 100 percent of the company voting stock (two percent of the company) will be given to the Patagonia Purpose Trust while 98 percent of the company’s total stock will be given to the Holdfast Collective to serve the environment.
“Earth is now our only shareholder.” Chouinard wrote in a statement addressing the decision. “While we’re doing our best to address the environmental crisis, it’s not enough. We needed to find a way to put more money into fighting the crisis while keeping the company’s values intact. Truth be told, there were no good options available. So, we created our own.”
From this point forward, Holdfast Collective will receive the company’s annual profits, estimated at about $100 million. The organization is dedicated to restoring biodiversity, protecting vulnerable ecosystems, and supporting…
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