Company Founder Leaves Profits to 'The Earth'

Patagonia Inc. founder Yvon Chouinard and his family are transferring ownership of the $3 billion outdoor apparel company to a nonprofit organization and trust in order to fight climate change. The trust, managed by members of the family and its advisers, owns 2% of Patagonia, while the other 98% is now owned by the Holdfast Collective, a nonprofit that will receive all of the company's profits.