Patagonia founder donates company to fight climate change

The founder of US outdoor apparel and equipment maker Patagonia says he is donating all of his shares in the company to fight climate change.

The stocks owned by Yvon Chouinard and his family are worth 3 billion dollars.

His announcement says 98 percent of the shares have been transferred to a nonprofit organization dedicated to protecting the environment. Two percent have been entrusted to a new entity to protect Patagonia's values.

Company officials say Chouinard had initially considered taking the Patagonia public or selling it and donating all the proceeds.

But he would not have been sure if a new owner would maintain Patagonia's values.

Chouinard said, "Earth is now our only shareholder."
He said he wanted to find a way to put more money into fighting the climate crisis while keeping the company's values intact.