'Earth is now our only shareholder': Patagonia's billionaire owner gives away company to save planet
Patagonia
Yvon Chouinard, the billionaire founder of outdoor apparel brand Patagonia, has given up his wealth to save the planet. Chouinard is known for his various stances on the environment. On Wednesday, he announced that he has given away his company to do even more for the planet.
According to The New York Times, the founder of the apparel brand could have sold the brand, which is valued at $3 billion. But instead, he transferred his family’s ownership of the company to a trust and a non-profit organisation. The 83-year-old gained popularity for alpine climbs in Yosemite National Park and has a net worth of $1.2 billion.
Chouinard founded Patagonia in 1973. The company is based in Ventura, California. Patagonia has hundreds of stores in more than 10 countries across five continents. It also has factories in 16 countries.
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Hey, friends, we just gave our company to planet Earth. OK, it’s more nuanced than that, but we’re closed today to celebrate this new plan to save our one and only home. We’ll be back online tomorrow.https://t.co/fvRFDgOzVZ — Patagonia (@patagonia) September 14, 2022
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In an open letter posted on Patagonia's website, Chouinard wrote, "Earth is now our only shareholder. I never wanted to be a businessman."
"I started as a craftsman, making climbing gear for my friends and myself, then got into apparel. 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," the statement added.
About the option of selling the company, Chouinard agreed that it was an "option" but added that there was no surety whether the new owner would maintain our values or keep our team of people around the world employed.
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