Outdoor retailer Patagonia announced its latest stunt: making Earth its sole shareholder.
Founder Yvon Chounaird, a self-described socialist billionaire, penned a letter declaring, “Earth is now our only shareholder.”
Instead of selling the company or taking it public, Chounaird will make the company “go purpose” by establishing a trust and giving “100% of non-voting stock” to a nonprofit called Holdfast Collective.