Billionaire No More: Patagonia Founder Gives Away the Company
Yvon Chouinard, a rock climber who founded the outdoor apparel Patagonia, opted to sell his company.
Instead of going public to sell their company Yvon Chouinard, his wife, and two children transferred their ownership to a specially designed trust and non-profit organization. They were created to ensure and preserve the company’s profits which will be used to combat climate change and protect the land across the world.
“We are going to give away the maximum amount of money to people who are actively working on saving the planet,” said Yvon. Patagonia will continue to operate selling hats, jackets, and ski pants worth more than $1 Billion each year. The Chouinard’s who once controlled Patagonia; will no longer own the company.
Mr. Chouinard said, “I feel relief that I’ve put my life in order, for us this was the ideal solution.”
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