Patagonia

Yvon Chouinard, the billionaire founder of outdoor apparel maker Patagonia, is giving his $3 billion company away for a greater cause: fighting climate ...

[recognized Patagonia](https://www.unep.org/news-and-stories/press-release/us-outdoor-clothing-brand-patagonia-wins-un-champions-earth-award) for its commitment to environmental sustainability and advocacy. The company, which Chouinard founded in 1973, is worth $3 billion, [according to the New York Times.](https://www.nytimes.com/2022/09/14/climate/patagonia-climate-philanthropy-chouinard.html) "Despite its immensity, the Earth's resources are not infinite, and it's clear we've exceeded its limits," Chouinard wrote on Wednesday. As part of those efforts, Patagonia sources eco-friendly clothing materials and annually donates 1% of its total sales to grassroots activists. [net worth](https://www.forbes.com/profile/yvon-chouinard/?list=rtb/&sh=2a3f5d474fb5), as of Thursday morning. He was also a craftsman who made climbing gear and apparel for himself and his friends. In the 1960s, he was a pioneering rock climber in California who lived out of his car and ate damaged cans of cat food he purchased for 5 cents apiece, the Times reported. We needed to find a way to put more money into fighting the crisis while keeping the company's values intact." We can save our planet if we commit to it." "The Patagonia Purpose Trust ... The two entities will ensure that all of Patagonia's profits go toward combating the climate crisis and protecting undeveloped land across the world, the company announced on Wednesday. [expects](https://www.patagoniaworks.com/press/2022/9/14/patagonias-next-chapter-earth-is-now-our-only-shareholdera) to generate and donate roughly $100 million in profits annually, depending on the health of the business, the company said.

Patagonia founder Yvon Chouinard is giving away his company, valued at $3 billion, and dedicating future profits to fight climate change.

[sea of](https://www.thecut.com/2022/09/kourtney-kardashian-call-patagonias-ceo.html) [corporate](https://www.wired.com/story/fashion-industry-reduce-emissions/) [greenwashing](https://www.thecut.com/2022/08/h-and-m-greenwashing-fashion.html), Patagonia has long been an outlier. “I didn’t want to be a businessman,” Chouinard explained. I don’t drive Lexuses.” (He still reportedly drives Subarus.) Chouinard thought about leaving the company to his children, but they apparently don’t like the billionaire moniker either: “It was important to them that they were not seen as the financial beneficiaries,” Ryan Gellert, Patagonia’s chief executive, told the Times. “We are going to give away the maximum amount of money to people who are actively working on saving this planet.” 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. “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,” Chouinard, 83, told the Times.

Yvon Chouinard, billionaire owner of Patagonia, is giving away the company to a new nonprofit fighting the climate crisis.

He told the Times that he hopes "this will influence a new form of capitalism that doesn’t end up with a few rich people and a bunch of poor people." The Times reports Patagonia has already donated $50 million to the Holdfast Collective. The change in leadership will be seen via the Patagonia Purpose Trust, who will possess "additional stewardship", according to Patagonia's Q&A section. The Chouinards donated 2 percent of their voting stock to the specially created Patagonia Purpose Trust, which the Times reports will be overseen by family members and their advisors. "It’s been nearly 50 years since we began our experiment in responsible business, and we are just getting started. The founder and his team decided against selling the company or taking it public.

Yvon Chouinard, the founder of fashion retailer Patagonia, known for his environmental stances, announced that he has given away his company in an effort to ...

"I started as a craftsman, making climbing gear for my friends and myself, then got into apparel." He added: "As we began to witness the extent of global warming and ecological destruction, and our own contribution to it, Patagonia committed to using our company to change the way business was done." "But we couldn't be sure a new owner would maintain our values or keep our team of people around the world employed," he said in the letter. [How the 'keep or return' challenge is driving hyper-consumption and fast fashion](https://www.thestar.com.my/lifestyle/style/2022/09/14/how-the-039keep-or-return039-challenge-is-driving-hyper-consumption-and-fast-fashion) Instead, he, his wife and their two children agreed to transfer all of Patagonia's voting shares, or stock that gives the holder voting rights, in the company to a trust in charge of ensuring the brand's environmental values are respected. The founder of fashion retailer Patagonia, known for his environmental stances, announced Wednesday (Sept 14) he has given away his company in an effort to do even more for the planet.

Founded in 1973, the company now has a net worth of USD3 billion (RM13.6 billion).

"The funding will come from Patagonia. Selling Patagonia and donating all the money from it was one of the options he had considered. Holdfast Collective, a non-profit organisation dedicated to fighting climate crisis, were transferred all of Patagonia's non-voting stock.

"Instead of extracting value from nature and transforming it into wealth for investors, we'll use the wealth Patagonia creates to protect the...

These purpose trusts are likely to continue to grow in popularity over time," he added. “As Patagonia’s new structure has shown, there is a very real opportunity that exists for trusts in general, and leading trusts jurisdictions, to help families cement their agreed purpose and values through the use of purpose trusts to own and administer assets. The trust will be overseen by members of the family.

Also everything at Twitter is securities fraud, SPAC buyback tax and a Rick's Cabaret insider sale.

Self-proclaimed craftsman built outdoor clothing company to help climbers and offer 'enjoyable' working conditions.

We all had to come to work on the balls of our feet and go up the stairs two steps at a time. We wanted to have a job where we would be allowed to do that. He kept wearing the top – which was azure blue with two red and one yellow stripes – when back in the US, and his climbing friends asked where they could get one. Some years he spent more than 200 nights sleeping outside, and claims not to have owned a tent until he was almost 40. One year he spent weeks in the Rockies surviving on a case of 5¢ cans of tuna cat food mixed with oatmeal, potatoes, “ground squirrel, blue grouse, and porcupines assassinated à la Trotsky, with an ice axe”. While many people daydream of achieving a nine-zero fortune, for Chouinard it was a sign he had failed in his life’s mission to make the world a better and fairer place. Refusing to let it go, the reporter tried again saying Chouinard was a “very successful businessman” and “somewhere along the way you must have wanted to be a businessman”. All I ever wanted to be was a craftsman.” “I almost always got my limit of 10 lobsters and five abalone.” “Earth is now our only shareholder,” Chouinard, 83, said in a message to staff and customers. The pitons proved very popular with his friends and other climbers. “Being a dirtbag is a matter of philosophy, not personal wealth.

Founder Yvon Chouinard structured the transfer of his firm in a way that keeps control within the family and avoids taxes.

The billionaire founder of the outdoor fashion retailer Patagonia says he has given away his company to a charitable trust. Yvon Chouinard said that under a ...

Mr Chouinard is not the first entrepreneur to give wealth away. Instead, the Chouinard family, which always owned the company, has transferred it to two new entities. But he said both options would have meant giving up control of the business.

Chicago Crypto Capital violated various securities laws by illegally selling unregistered securities to unsophisticated buyers between August 2018 and November ...

If you do not want a lot of money (because you find it embarrassing to be rich, etc.), or if you want to give money to good causes rather than spending it on yachts, you can get your check — a dividend or profit share or whatever — from the company each quarter, and then hand the money over to charity. If you own a business and it is a big successful business and makes a lot of money, you will end up getting a lot of money. Programming note: Money Stuff will be off tomorrow, back on Monday.

(AP) -- Outdoor gear company Patagonia says "the earth is now our only shareholder" after transferring the company's ownership from founder Yvon Choui.

Patagonia makes outdoor clothing, gear and accessories for everything from skiing to climbing and camping. Brian Mittendorf, a professor of accounting at Ohio State University who focuses on nonprofit organizations and their financial statements, said the new Patagonia structure is similar to the one Paul Newman created for his salad dressing company, Newman's Own. "We believe this new structure delivers on both and we hope it will inspire a new way of doing business that puts people and planet first." "It shows that somebody who has substantial wealth is responding with the kind of scale needed to address the problem," he said. "The very wealthy are also faced with the fact that their net worths are growing faster than they can conceive of giving it away. "Business owners are often faced with fraught decisions on the future of their company when it's time to sell," said Nicolette, who also co-hosts the "Giving Done Right" podcast.