Billionaire founder of the popular apparel brand Patagonia has reportedly donated the company which is worth an estimated $3 billion to fight climate change.
Yvon Chouinard, along with his family, have decided to direct all profits from the company to projects and organizations that will protect wild land and biodiversity and fight the climate crisis.
The reluctant billionaire wrote in a statement released on Wednesday of his vision of "reimagining capitalism" with his decision. His statement reads as follow:
“While we’re doing our best to address the environmental crisis, it’s not enough. We needed to find a way to put more money into fighting the crisis while keeping the company’s values intact. One option was to sell Patagonia and donate all the money. But we couldn’t be sure a new owner would maintain our values or keep our team of people around the world employed.
Another path was to take the company public. What a disaster that would have been. Even public companies with good intentions are under too much pressure to create short-term gain at the expense of long-term vitality and responsibility.
Truth be told, there were no good options available. So, we created our own.”
Source: Twitter.com
