By now. You've seen the story about the Patagonia
founder, we're talking about even shiner, he gave
away his entire$3 billion dollar company to fight climate
change, this is big. He's a long time
outdoorsman. He's also a reluctant businessman and he described
his decision as a last ditch effort to do all
he could do to protect the planet. The transfer
also lets him and his family keep control of the
company by not selling Patagonia. He also won't have
to pay what could have been$700 million in taxes
. Here's Bloomberg wealth Reporter Devon Pendleton to break it
all down is part of a small but growing movement
among the ultra wealthy to look for ways to exert
influence political and charitable long past their lifetimes. This
transaction also means that we won't be paying federal capital
gains tax on the sale, which he would or
more ordinary straightforward sale. It also means that he
won't be paying a state tax on this transaction,
which is a 40% tax levied on big fortunes at
the time of the founder's death. So how's all
this going to work? Well, all of Patagonia's
voting stock, it's going to something that's called the
Patagonia purpose trust And the company's nonvoting stock has gone
to a nonprofit called the hold fast collective. The
profits that Patagonia makes each year from selling gear.
The New York Times says it's about$100 million why
would the family do something like this. Leonard says
that if the family sold the company, they couldn't
guarantee that the new owner would keep to Patagonia's values
. And he said that it would have been a
disaster to take the company public because public companies are
under too much pressure to show gains in the short 00:01:42.495 --> term.