The billionaire founder of American clothing brand Patagonia has given away his £2.6bn empire in a bid to tackle climate change. Yvon Chouinard, his wife and two adult children have transferred their ownership of the company to a tailored not for profit organisation.
The 83-year-old created the arrangement to keep his firm’s independence. He said it would also ensure all of its profits - some £87 million a year - are used to combat climate change and protect undeveloped land around the globe.
The privately-held company’s stock will now be owned by a climate-focused trust and group of nonprofit organisations, the Mirror reports. They are called the Patagonia Purpose Trust and the Holdfast Collective respectively, the company said in a statement.
