Billionaire no more: Patagonia founder gives away his company

Creating a trust that will use profits to fight the climate crisis

Yvon Chouinard, the billionaire founder of the outdoor apparel brand Patagonia

Yvon Chouinard, the billionaire founder of the outdoor apparel brand Patagonia, said on Wednesday he is giving away the company to a trust that will use its profit to fight the climate crisis.

Instead of selling the company or taking it public, Chouinard, who became famous for alpine climbs in Yosemite National Park and has a net worth of $1.2 billion, is transferring his family's ownership of the company to a trust and a non-profit organization.