Clothing company founder renounces his entire fortune to fight climate change
The company is worth $3 billion, and the founder said he will donate all of its worth
The founder of Patagonia, Yvon Choinard, along with his wife and two grown children, are donating their ownership in the clothing company he founded more than 50 years ago. They pledged to pass all profits from the company into initiatives and groups that will protect wild land and biodiversity.
The Patagonia Purpose Trust and the Holdfast Collective, two nonprofit organisations focused on addressing climate change, will now own the privately held company’s stock.
Depending on the success, Patagonia anticipates producing and donating roughly $100 million annually. At that, the company’s worth is estimated at $3 billion.
Patagonia already gave 1% of its annual sales to grassroots organisers as a recognised B-Corp and California Benefit Corporation. Less than 6,000 businesses worldwide have received the B-Corp certification.
