Patagonia was 100% held by the Schonard family, Yvonne Melinda and his two children. The stock had been distributed to all four of them over the years. Last month, they donated 2% of the shares, the voting stock, to a newly established trust. They expect to pay about $17.5 million on that gift.The other 98% of the company, the common shares, were donated to a 501c4 nonprofit organization called the Holdfast Collective.
The billionaire founder of Patagonia is giving away his company to fight climate change. He’s also getting a giant tax break.
This episode was produced by Victoria Chamberlin, fact-checked by Laura Bullard, engineered by Paul Robert Mounsey, and edited by Sean Rameswaram, who also hosted.
Transcript at vox.com/todayexplained
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