Patagonia Founder Gives Away the Company
The New York Times:
Rather than selling the company or taking it public, Mr. Chouinard, his wife and two adult children have transferred their ownership of Patagonia, valued at about $3 billion, to a specially designed trust and a nonprofit organization. They were created to preserve the company’s independence and ensure that all of its profits — some $100 million a year — are used to combat climate change and protect undeveloped land around the globe.
Just knowing there are people with that much money who are thoroughly motivated by the same ideals they were back when they were eating cat food in a broken down car — it makes me feel a little bit less alone.
There’s also an update to their landing page with a statement from its founder Yvon Chouinard.
He leads with “I never wanted to be a businessman”. This is at the core of this decision. Business for business’ sake leads to most of the economic absurdities in effect today.