CHICAGO, ILLINOIS - OCTOBER 29: A sign hangs in front of a Patagonia store on October 29, 2021 in Chicago, Illinois. Patagonia announced it is stopping all paid advertising on Facebook Inc.
platforms following a series of negative stories about the s Patagonia founder Yvon Chouinard shocked the business world Wednesday when he announced that he would give away the multi-billion dollar outdoor clothing retail company to fight climate change.
Chouinard said on the company's website he will put 100% of the company’s voting stock into the Patagonia Purpose Trust, which would help protect the company's values.
Furthermore, 100% of the nonvoting stock was given to the Holdfast Collective, a non-profit advocacy group. Chouinard said the funding will come from Patagonia.