A billionaire has given away his multibillion-dollar company, and this time it isn’t to furtively advance conservative politics. Together with his family, Patagonia founder Yvon Chouinard has offloaded the outdoor clothing business to a trust and a nonprofit, with the goal of fighting climate change and conserving land. The company, reportedly worth some $3 billion, will also donate all of its profits to those same causes. That could equate to an additional $100 million or so each year. “Hopefully this will influence a new form of capitalism that doesn’t end up with a few rich people and a bunch of poor people,” Chouinard told The New York Times.
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