Patagonia's Yvon Chouinard gives everything away to fight climate change

All the profits of the $3 billion company, Patagonia, will now go towards fighting climate change and protecting land across the world

"Earth is now our only shareholder". This is not only the new description of clothing company Patagonia's Twitter account but also the title of the letter written by its founder, Yvon Chouinard.

Nearly half a century after founding the company, the billionaire has decided to transfer Patagonia's ownership to a specially designed trust and a non-government organisation (NGO).

All the profits of the $3 billion company will now go towards fighting climate change and protecting land across the world. According to a New York Times (NYT) report, the company earns nearly $100 million yearly.

Patagonia makes outdoor clothing and gear