The billionaire founder of outdoor fashion retailer Patagonia has given the entire company away in an effort to help combat climate change, he announced on Wednesday.
Yvon Chouinard, 83, announced the move in a letter posted to the company’s website, entitled “Earth is now our only shareholder.”
The businessman stated that ownership of the company has been transferred to a trust, the Patagonia Purpose Trust, designed to protect the company’s values, as well as a nonprofit organization, the Holdfast Collective.
“The funding will come from Patagonia: Each year, the money we make after reinvesting in the business will be distributed as a dividend to help fight the crisis,” Chouinard said….