Home > Latest News > Patagonia’s Owner Gives Away Entire Company

Patagonia’s Owner Gives Away Entire Company

The billionaire owner and founder of Patagonia has announced he is giving the entire company away in order to fight climate change.

Patagonia founder Yvon Chouinard will hand the company over to a non-profit, with all earnings to be spend saving the planet

“As of now, Earth is our only shareholder,” the company announced. “ALL profits, in perpetuity, will go to our mission to ‘save our home planet’.”

2 per cent of the stock and decision-making authority has been handed to a trust which will oversee the day-to-day operations of the retail giant.

The remaining 98 per cent will go to non-profit Holdfast Collective, which “will use every dollar received to fight the environmental crisis, protect nature and biodiversity, and support thriving communities, as quickly as possible.”

This was a decision made by the 83-year-old to avoid his company going public.

“If we have any hope of a thriving planet – much less a thriving business – 50 years from now, it is going to take all of us doing what we can with the resources we have,” said Chouinard. “This is another way we’ve found to do our part.

“Instead of ‘going public’, you could say we’re ‘going purpose. 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.

“Instead of exploiting natural resources to make shareholder returns, we are turning shareholder capitalism on its head by making the Earth our only shareholder.”

You may also like
CES 2023: Samsung Reveals Sustainability, Connected Future Plans