Yvon Chouinard, the billionaire founder of outdoor fashion retailer Patagonia said that he has given away his company to a charitable trust. Under the new ownership structure, any profit not reinvested in running the company would go to combating climate change.
This will amount to around $100 billion every year, Yvon Chouinard said.
Yvon Chouinard's Patagonia which was founded in 1973, sells hiking and other outdoor clothing in over 10 countries. The company's estimated revenue was $1.5 billion this year, while Yvon Chouinard's net worth is said to be $1,2 billion, BBC reported.
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Titled "Earth is now our only shareholder," Yvon Chouinard penned a letter, which was posted on the company's website on Wednesday explaining his decision.
“Despite its immensity, the Earth's resources are not infinite, and it's clear we've exceeded its limits. Instead of extracting value from nature and transforming it into wealth, we are using the wealth Patagonia creates to protect the source,” Yvon Chouinard said.
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{{/usCountry}}"Truth be told, there were no good options available. So, we created our own," he added.
Last year, Hut Group's Matthew Moulding, which owns a range of online beauty and nutrition brands, donated £100 million to a charitable foundation.