The private B Corp company Patagonia, known for outdoor gear and its outspoken position on the environment has transferred its ownership to a nonprofit (reported by The NonProfit Times). The company, worth an estimated $3 Billion, is transferring 98% of non-voting stock to the Holdfast Collective a 501(c)(4), and 2% of the stock (all voting control) to the Patagonia Purpose Trust. 

Patagonia Founder, Yvon Chouinard has done something unprecedented for a company this size, ensuring that the $100m in profit each year will go toward philanthropic purposes instead of investors. The company still plans to donate 1% of profits toward grassroots environmental causes as well, at the discretion of the nonprofit. Further details of how money will be directed have not been revealed yet. 

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