Patagonia founder Yvon Chouinard, his wife and their two adult children have irrevocably transferred their ownership of the outdoor apparel company to a set of trusts and nonprofit organizations.
From now on, the corporation’s profits will fund efforts to deal with climate change, as well as protect wilderness areas. It will, however, remain a privately held enterprise. According to initial reports about this unusual approach to philanthropy that ran on Sept. 14, 2022, Patagonia is worth about US$3 billion and its profits that will be donated in perpetuity could total $100 million every year.
