Patagonia founder Yvon Chouinard and his family are giving away their ownership in the apparel maker, dedicating all profits to fight the climate crisis.
The company, worth close to $3 billion, will be owned by a collective that will use all profits that aren't reinvested into the business to fight climate change.
The Patagonia Purpose Trust will hold all the voting stock, which is 2%, while the Holdfast Collective, a group of nonprofit organizations gets the remaining 98%.
The company expects to contribute around $100 million annually, depending on the success of the business.
"Earth is now our only shareholder."
- Patagonia
