Yvon Chouinard, the founder of the American clothing and outdoor brand Patagonia, donated his company to save the planet from the effects of global warming. The 83-year-old billionaire has donated his $3 billion business to trusts and nonprofits dedicated to fighting climate change. The New York Times writes about it.
“The earth is now our sole shareholder. Despite their immensity, the resources of the Earth are not unlimited, and it is obvious that we have exceeded their limits. We can save our planet if we make a commitment,” says the Patagonia website.
Chouinard, his wife and two children donated their voting shares (2 percent) to the Patagonia Purpose Trust created to protect the values of the company. The remaining 98 percent of the non-voting shares were transferred to the Holdfast Collective, a non-profit organization dedicated to combating climate change and restoring biodiversity. The entire profit of the company, which is 100 million dollars a year, will go to the funds.
Chouinard pays great attention to environmental issues, recycling and the problem of emissions into the atmosphere. He doesn't use a computer or smartphone, wears cheap clothes, and drives an older Subaru. Forbes magazine estimates his fortune at $1.2 billion.