Patagonia founder gives away company

[weed 79,045]

Rather than selling the company or taking it public, Mr. Chouinard, his wife and two adult children have transferred their ownership of Patagonia, valued at about $3 billion, to a specially designed trust and a nonprofit organization. They were created to preserve the company’s independence and ensure that all of its profits — some $100 million a year — are used to combat climate change and protect undeveloped land around the globe.

“Hopefully this will influence a new form of capitalism that doesn’t end up with a few rich people and a bunch of poor people,” Mr. Chouinard, 83, said in an exclusive interview. “We are going to give away the maximum amount of money to people who are actively working on saving this planet.”

In August, the family irrevocably transferred all the company’s voting stock, equivalent to 2 percent of the overall shares, into a newly established entity known as the Patagonia Purpose Trust. The trust, which will be overseen by members of the family and their closest advisers, is intended to ensure that Patagonia makes good on its commitment to run a socially responsible business and give away its profits. Because the Chouinards donated their shares to a trust, the family will pay about $17.5 million in taxes on the gift.

The Chouinards then donated the other 98 percent of Patagonia, its common shares, to a newly established nonprofit organization called the Holdfast Collective, which will now be the recipient of all the company’s profits and use the funds to combat climate change. Because the Holdfast Collective is a 501(c)(4), which allows it to make unlimited political contributions, the family received no tax benefit for its donation.

Full article here: https://www.nytimes.com/2022/09/14/climate/patagonia-climate-philanthropy-chouinard.html 
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[gothicdream 39,660]

I love this so much.

Imagine if all the rich had such big hearts.

[ObezyankaNol 3,088]

I didn't know there was a company called Patagonia. I was thinking about Patagonia in Argentina 

[holy scheisse 22,959]

I love it! I’ve had one Patagonia jacket for like 10 years now and it still looks and fits great , quality products and company 

[StarstruckIllusion 53,579]

Fox News is gonna lose it 🫣

[YourWhiskyMouth 4,014]

Patagonia has been a great company since creation. Their manufacturing practices as well as their resale options for used items is very labor and environmentally ethical in an otherwise very environmentally unfriendly clothing industry.

They also willingly stopped making branded clothing for corporations that don’t align with their eco and humanitarian views despite this being a huge moneymaker in the past for Patagonia.