In a rare moment of good billionaire behavior, Patagonia founder Yvon Chouinard has given his company away and relinquished his family fortune, dedicating all future outdoor-apparel profits to the fight against climate change
Patagonia — which makes about $100 million in profit every year —will still operate as a private company, but the Chouinard family, who have controlled it since its founding in 1973, will no longer be at the helm.
Last month, the family donated the company’s voting stock, about 2 percent of its shares, to the Patagonia Purpose Trust, which they, along with advisers, will oversee to ensure the company gives away its profits; the Chouinards will pay almost $18 million in taxes on the gift. The family donated the rest of the company to the Holdfast Collective, a nonprofit that will now receive the company’s profits and use the funds to combat climate change, including the protection of undeveloped lands.
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