.Patagonia owner donates $3 billion company to climate change activism
Yvon Chouinard, 83, said in a statement Wednesday that rather than selling Patagonia, which is valued at roughly $3 billion, his family has decided to transfer it to public trusts and nonprofit groups specifically designed to ensure all revenue not reinvested back into the business is funneled into fighting climate change and protecting the environment.
Patagonia estimates that its annual profits will be about $100 million, meaning that the contributions could significantly increase environmental activist funding.“Truth be told, there were no good options available. So, we created our own,” Chouinard said of his family’s decision to create both the Patagonia Purpose Trust and the Holdfast Collective nonprofit organization as recipients of the company’s profits.
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