I never thought I’d see the day when multiple billion dollar companies became woke. But that’s exactly what Patagonia did this week. This report proves that, clearly, Patagonia is no longer content with just making money – it wants to change the world too.
A major company has reached top-tier wokeness.
According to The Daily Wire, To combat climate change, Patagonia founder Yvon Chouinard has given away his company.
In order to support climate and land preservation initiatives, the eccentric billionaire rock climber transferred his $3 billion in shares to a trust and a nonprofit. The trust and the nonprofit will use the excess earnings — roughly $100 million per year — to support climate change.
Patagonia’s voting stock – roughly 2% – has been transferred to the Patagonia Purpose Trust, which will be staffed by family members and advisers to ensure the company gives away profits. A 501(c)(4) organization called Holdfast Collective will receive all of Patagonia’s profits following the donation of all common shares, which represent the other 98% of the company. Those entities will be able to donate to political campaigns.
CNBC notes that after informing its employees about this move, the company updated its website to state that “Earth is now our only shareholder.”
Just when you thought that Patagonia couldn’t get any more woke, they go and do something like this. While it’s not surprising for this particular company, it definitely sets the bar higher for other companies to meet the same amount of wokeness.
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