“Earth is now our only shareholder,” Yvon Chouinard wrote in an open letter.
Patagonia founder Yvon Chouinard has given away his multibillion-dollar business, redirecting its profits toward the fight against climate change.
The news caps a fitting end to the trail-blazing rock climber’s unconventional business career. As one of the best-known outdoor clothing and gear brands, Patagonia could easily go public. Chouinard could also find a willing buyer. Or, he could simply retire, retain his ownership and keep the $3 billion business in the family.
Instead, Chouinard, 83, and his family are shifting their stake in the company to Patagonia Purpose Trust and a nonprofit called Holdfast Collective, which will redirect the company’s annual profits toward environmental causes. “Earth is now our only shareholder,” published Wednesday. “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.”, which first reported the news. That structure has attracted wide criticism in recent years because it allows nonprofits to spend untaxed donations to influence politics while concealing donors’ names.
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