Patagonia Billionaire Gives Away All Of His Money
September 16, 2022
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5:44Now PlayingPatagonia Billionaire Gives Away All Of His Money
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as posted by the channelA billionaire is finally doing something consciously right for a good cause. Instead of companies holding themselves responsible to their shareholders, Yvon Chouinard’s Patagonia is putting the environment above profit incentive. Jayar Jackson and Jackson White break it down on The Watchlist. Watch LIVE on weekdays at noon ET.
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"“Earth is now our only shareholder,” Chouinard, 83, said in a message to staff and customers. “Instead of ‘going public’, you could say we’re ‘going purpose’. Instead of extracting value from nature and transforming it into wealth for investors, we’ll use the wealth Patagonia creates to protect the source of all wealth.”
Explaining his decision to give away the company, Chouinard told the New York Times: “I was in Forbes magazine listed as a billionaire, which really, really pissed me off. I don’t have $1bn in the bank. I don’t drive Lexuses.”
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