![]() There is no tax benefit here whatsoever.”īarre Seid, a Republican donor, is the only other example in recent memory of a wealthy business owner who gave away his company for philanthropic and political causes. “And they didn’t get a charitable deduction for it. “There was a meaningful cost to them doing it, but it was a cost they were willing to bear to ensure that this company stays true to their principles,” said Dan Mosley, a partner at BDT & Co., a merchant bank that works with ultrawealthy individuals including Warren Buffett, and who helped Patagonia design the new structure. Chouinard’s relinquishment of the family fortune is in keeping with his longstanding disregard for business norms, and his lifelong love for the environment. The unusual move comes at a moment of growing scrutiny for billionaires and corporations, whose rhetoric about making the world a better place is often overshadowed by their contributions to the very problems they claim to want to solve.Īt the same time, Mr. They were created to preserve the company’s independence and ensure that all of its profits - some $100 million a year - are used to combat climate change and protect undeveloped land around the globe. Chouinard, his wife and two adult children have transferred their ownership of Patagonia, valued at about $3 billion, to a specially designed trust and a nonprofit organization. Rather than selling the company or taking it public, Mr. A half century after founding the outdoor apparel maker Patagonia, Yvon Chouinard, the eccentric rock climber who became a reluctant billionaire with his unconventional spin on capitalism, has given the company away. ![]()
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