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How the Patagonia Board Gave Away the Company
In September 2022, Yvon Chouinard, Patagonia's founder, transferred the company to a charitable trust and a nonprofit. The move valued the company at $3 billion and pledged all profits to the planet. This episode unpacks the legal structure — the Patagonia Purpose Trust and the Holdfast Collective — and what made it possible. Lucas and Luna walk through the two-class stock system, the 990 filings, and why this isn't a donation but a permanent commitment. They discuss how the board navigated fiduciary duty, the reaction from other mission-driven companies, and whether this model…
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