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Thursday, September 15th, 2022

Patagonia founder just donated the entire company, worth $3 billion, to fight climate change

Author:     Lora Kolodny
Source:     CNBC
Publication Date:     WED, SEP 14 2022 | 5:24 PM EDT
 Link: Patagonia founder just donated the entire company, worth $3 billion, to fight climate change
Stephan:   Given the scummy behavior of so many of the uber-rich, families such the Murdochs, this is the story of a hero and a hero family. In my opinion, Yvon Chouinard should be awarded the Nobel Peace Prize. And, by the way, if you are looking to buy backpacking, trekking, or expeditionary gear, Patagonia is at the top of my list. I have worn and used it for decades in some challenging and dangerous situations, and it always performs, looks good, and is fairly priced.
Yvon Chouinard, founder and owner of Patagonia.
Courtesy of Jeff Johnson and Patagonia
  • Patagonia founder Yvon Chouinard, his spouse and two adult children are giving away their ownership in the apparel maker he started some 50 years ago.
  • The company’s non-voting stock, worth close to $3 billion, will be owned by a collective that will use all profits that aren’t reinvested into the business to fight climate change.
  • The company expects to contribute about $100 million a year, depending on the health of the business.

Patagonia founder Yvon Chouinard, his spouse and two adult children are giving away their ownership in the apparel maker he started some 50 years ago, dedicating all profits from the company to projects and organizations that will protect wild land and biodiversity and fight the climate crisis.

The company is worth about $3 billion, according to the New York Times.

In a letter about the decision, published on the Patagonia website on Wednesday, Choiunard wrote of “reimagining capitalism,” and said:

“While we’re doing our best to address the environmental crisis, it’s not enough. We needed […]

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