Patagonia founder gives away company to fight climate change

Patagonia founder gives away company to fight climate change

Yvon Chouinard, founder of outdoor retailer Patagonia, has given away his company to save the planet.

The 83-year-old entrepreneur transferred his $3 billion company to a non-profit organization and a specially designed trust.

Chouinard, his wife and children agreed to transfer all of Patagonia's voting shares to the trust set up to implement the brand's environmental values.

The company's profits will also be donated to a nonprofit dedicated to fighting against climate change.

According to Chouinard, profits that will be donated to climate causes will amount to around $100 million a year.

Founded about 50 years ago, Patagonia is renowned for its efforts to conserve nature.

This year, Patagonia's sales were worth around $1.5 billion.

Meanwhile, Yvon Chouinard's net worth is reported to be $1.2 billion in 2022.