A little over a year ago, a man by the name of Chouinard, the founder of Patagonia's a outdoor clothing company, was named a billionaire by Forbes. According to the The Guardian,
“for Chouinard it was a sign he had failed in his life’s mission to make the world a better and fairer place…This week he achieved that aim, announcing that he was giving away all of the shares in Patagonia to a trust that will use future profits to “help fight” the climate crisis…Chouinard, who drives a beaten-up Subaru with a surfboard strapped to the roof, says he hopes giving away the company “will influence a new form of capitalism that doesn’t end up with a few rich people and a bunch of poor people”
Now, a year later, his project is bearing fruit. From the New York Times;
“A little more than $3 million to block a proposed mine in Alaska. Another $3 million to conserve land in Chile and Argentina. And $1 million to help elect Democrats around the country, including $200,000 to a super PAC this month….Patagonia, the outdoor apparel brand, is funneling its profits to an array of environmental and political groups. A network of nonprofit organizations linked to the company has distributed more than $71 million since September 2022, according to publicly available tax filings and internal documents reviewed by The Times…..”
He and his family arranged for this in such a way as to leave the company as a for-profit unit which will still generate income. In the process, although the changing of the guard did not benefit the government with inheritance taxes, he still paid over 17 million in taxes to our government. I kept hearing about the super rich having an agreement to give away their wealth, but sometimes I wonder if their increase in wealth is greater than what they give away.
As some of you may know, I am the author of “How the Food Industry is Killing Us” available worldwide including free at the library. Just ask for it.