// Patagonia founder Yvon Chouinard gives company away to charitable trust// Patagonia sells hiking and other outdoor clothing in over 10 countriesPatagonia founder Yvon Chouinard has given away his company to a charitable trust in order to ensure its profits go towards tackling the climate crisis. This will amount to around $100 million (£86 million) a year, he claimed, depending on the health of the company. Instead of “going public,” you could say we’re “going purpose.” Instead of extracting value from nature and transforming it into wealth for investors, we’ll use the wealth Patagonia creates to protect the source of all wealth. Read Yvon's letter at https://t.co/TolGLfHEGG — Patagonia (@patagonia) September 14, 2022He opted for the unique ownership model instead of selling the company to an owner that could potentially compromise Patagonia’s values, or going public and leaving the company beholden to shareholders first. Instead, ownership of the outdoor apparel company, valued at around $3 billion, is being transferred to the Patagonia Purpose Trust and Holdfast Collective.

Source: New York Times September 15, 2022 19:02 UTC