Billionaire boss of fashion retailer Patagonia gives company away
The billionaire founder of the outdoor fashion brand Patagonia has given away his company to a charitable trust.
Founded in 1973, Patagonia's sales were worth around $1.5bn this year, while Mr Chouinard's net worth is thought to be $1.2bn. "Despite its immensity, the Earth's resources are not infinite, and it's clear we've exceeded its limits," the entrepreneur said of his decision to give up ownership. But he said both options would have meant giving up control of the business. "Even public companies with good intentions are under too much pressure to create short-term gain at the expense of long-term vitality and responsibility," he said.the world's rich list as he made a $20bn donation to his philanthropic fund. The tech boss, who is thought to be worth $118bn, had pledged to give his wealth away to charity in 2010 but his net worth has more than doubled since then.
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