All future Patagonia profits that aren’t reinvested into the company will go toward combating climate change, the company said, stripping founder Yvon Chouinard of his billionaire status.
Patagonia founder Yvon Chouinard and his family—who made a 10-figure fortune from his outdoor outfitter empire—have relinquished their ownership of the 49-year-old company, transferring it to trusts and nonprofit organizations and pledging Wednesday to redirect Patagonia’s future profits toward fighting climate change.
“Hopefully this will influence a new form of capitalism that doesn’t end up with a few rich people and a bunch of poor people,” Chouinard told the New York Times, which first reported the news. “We are going to give away the maximum amount of money to people who are actively working on saving this planet.”
We estimated Chouinard to be worth $1.
