Patagonia Goes ALL-IN on Nonprofits (news)

Patagonia Goes All-in Transferring Ownership to Nonprofit The private B Corp company Patagonia, known for outdoor gear and its outspoken position on the environment has transferred its ownership to a nonprofit (reported by The NonProfit Times). The company, worth an estimated $3 Billion, is transferring 98% of non-voting stock to the Holdfast Collective a 501(c)(4), and 2% of the stock (all voting control) to the Patagonia Purpose Trust.  Patagonia Founder, Yvon Chouinard has done something unprecedented for a company this size, ensuring that the $100m in profit each year will go toward philanthropic purposes instead of investors. The company still plans to donate 1% of profits toward grassroots environmental causes as well, at the discretion of the nonprofit. Further details of how money will be directed have not been revealed yet.  Read more ➝   Summary The Ethereum Merge Is Done, Opening a New Era for the Second-Biggest Blockchain | CoinDesk More Than $1 Billion For Black And Underserved Communities The NonProfit Times Houston nonprofit helping migrants transported out of state by group of Republican governors | KHOU.com https://blackwealthdata.org/    Image from DALLE2 – Tree wearing a shirt.   Learn how to create AI content for your organization.  -------- NonprofitNewsfeed.com Summary of hundreds of news sources.The post Patagonia Goes ALL-IN on Nonprofits (news) first appeared on Nonprofit News Feed.