Yvonne Chouinard, the billionaire founder of Outdoor Retailer Patagonia, announced Wednesday that he has spun the company away. The thinking of the 83-year-old businessman is really noble. Mr Chouinard did not sell the company or take it public, he transferred his $3 billion company to a specially designed trust and a non-profit organization. According to AFP, all of Patagonia’s non-voting shares have been transferred to a non-profit dedicated to fighting against climate change and nature conservation and conservation.
“Earth is now our sole shareholder,” Chouinard wrote in an open letter posted on Patagonia’s website.
Hey guys, we’ve just given our company to planet Earth. OK, it’s a lot more nuanced than that, but today we’re off to celebrate this new plan to save our only home. We will be back online tomorrow.https://t.co/fvRFDgOzVZ
— patagonia (@patagonia) September 14, 2022
“I never wanted to be a businessman,” he explained. “I started out as a craftsman, making climbing gear for my friends and myself, then got into apparel.”
“As we began to see the extent of global warming and ecological destruction, and our own contribution to it, Patagonia committed to changing the way we use our company,” he said.
Many people are coming out in support of Mr Chouinard’s cause. Celebrity stylist Carla Welch thanks Patagonia for always leading the way. She took the announcement made by Patagonia in her post and wrote, “Earth is our sole shareholder. Thank you for always leading @patagonia”
See post here:
Not only Ms Welch, but many social media users applauded Mr Chouinard’s move. One climate scientist wrote on Twitter, “Imagine if every billionaire would have done this. This would be the end of capitalism. Plus, I’ll bet it sounds fantastic! Weighing the soul holding those billions in chains And most billionaires don’t even realize it, they get addicted instead.” Another user wrote, ‘Yeh toh heroic look hai. Thank you!
Founded nearly 50 years ago, Patagonia quickly became committed to conserving nature, choosing its raw materials carefully and donating a percentage of its sales each year to environmental NGOs.