The history of the multimillionaire who hated being rich – and donated to earth his fortune of 3 billion

by Andrea
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The history of the multimillionaire who hated being rich - and donated to earth his fortune of 3 billion

The history of the multimillionaire who hated being rich - and donated to earth his fortune of 3 billion

The climber and businessman Yvon Chouinard in 1969

The founder of Patagonia, Yvon Chouinard, became rich without knowing how-and hated it. In 2022, at the age of 83, he announced the donation of 98% of the company’s shares to the Holdost Collective, a fund that uses about 100 million dollars of annual profit to combat climate change.

The climber and entrepreneur Yvon Chouinard Never dreamed of being a multimillionaire. The founder of the preferred surf or climbing to accumulate wealth, but eventually became one of the richest men in the world thanks to the outdoor equipment company he created with women in 1973.

By 2022, in an unprecedented decision in the business world, all its $ 3 billion fortune to combat climate change.

Recently, the BBC podcast told Chouinard’s story. In each episode, the program takes a billionaire, finds out how fortune did, and classifies it as “good, bad, or just one more.” The founder of the patagon was appointed the designation of “The reluctant billionaire“.

Chouinard’s trajectory started unlikely. Born in 1938 in the United States, he spent his early years at Maine in a Franco-Canadian community.

At the age of seven, the family moved to California, where they faced difficulties in integrating not speaking English. Unpopular at school and bad student, would rather be Outdoor alonepracticing dive on weekends.

At 14, he joined a falcoaria club, where learned climbing. Fascinated by the mountains, finally found your lugar. At 16, he made a trip of 1600 km in a Ford 1940 that he himself rebuiltto try to reach the top of Wyoming’s highest mountain.

After finishing the studies, he worked as Private detective at the older brother’s agency. At the time as the main client was the Hollywood eccentric typ Howard Hughes. Chouinard followed Hughes’s girlfriends and prevented bailiffs from handing him quotes.

But all your free time was dedicated to climbing, surfing and innovation.

At 18, he bought a coal forge to manufacture your own pitões climbing. European models They were easily left When taken from the rocks, and Chouinard wanted to create more resistant versions. He began to sell them at higher prices, but were more efficient and reusable.

In 1957, he requested a $ 825 loan from his father – a considerable amount at the time. Bought more sophisticated equipment and set up a workshop in the chicken coop behind the parents’ house. Passing the winters forcing equipmentand the summers to Selling them on the back of the car No Yosemite National Park.

The business did not generate much profit. Chouinard often lived with less than a dollar a day, feeding-cat canned-cat se mixed with oats and hunting wild animals. For years, he slept outdoors almost all year round; There was no tent up to almost 40 years.

In 1962, he was arrested for walking travel in a train of goods in Arizona, and spent 18 days in prison. In the same year, he was called to the army. Tried to avoid military service pretending hypertension after drinking a bottle of soy saucebut to no avail.

The Birth of Patagonia

In 1965, Chouinard, the engineer Tom Frost and this woman, Doreen, started Chouinard Equipment In an abandoned slaughterhouse in Ventura, California. Inspired by ANTOINE DE Saint-Exupéry Antoine Principlesredesigned equipment to make them more resistant, light and functional.

In 1970, the company It was already the largest supplier of climbing equipment In the United States, with 75% of the market.

However, when Chouinard realized damage that the pitões caused to the rocks, decided to stop selling them and Developed an alternative: Hexentrican aluminum hexagonal piece that can be removed without damaging the rock.

The great turning point came with the Diversification for clothing. On a ride from Alpinism, Chouinard bought a Ragbi nightgown in Scotland, impressed by his resistance. Friends were interested in the shirts, which were running out quickly.

Chouinard realized that Clothes had profit margins far superior to the equipment.

In 1970, he married Malinda Pennoyera student of art he met on Yosemite. Three years later, the couple launched its independent line of clothingbaptized Patagonia – A name that evoked a “wonderful and almost mythical” place.

A Patagonia stood out for innovation in your products and marketing. Instead of the usual tones earth, introduced vivid colors with names such as “Sea Foam”. The catalog was not a simple list of products: I sold a whole lifestyle – A pioneering approach that is common today.

In 1978, the brand appointed as CEO Kris McDivitt28, who revolutionized brand communication with documentary photography without modelsshowing Real climbers on real climbing – including essays on expeditions and environmentalism.

Sales fired From $ 7 million to 20 million in 1984. Chouinard became a millionaire at 40, apparently without much effort.

The final legacy

In 1984, Patagonia was committed to Only 1% Das Vendas to environmental organizations. The company started incorporate this spirit into productsbeing pioneer in fabrics made with recycled bottles and 100% biological cotton.

In the early 2000s, Chouinard created the scheme “1% for the planet“, That encouraged companies to donate 1% of sales to environmental causes. More than 5200 companies joined, collecting 635 million dollars for environmental protection.

In 2017, Chouinard was included in the Super Rica-something that He was deeply overwhelmed. Considered it a proof of your failure in making the world better.

In 2022, at the age of 83, announced the donation of 98% of Patagonia’s alms to Holdfast Collectivea fund that uses about 100 million dollars of annual profit to combat climate change.

The remaining 2% were donated to Patagonia Purpose Trusta fund established to ensure that the company continues to operate according to socially responsible principles.

Earth is now our only shareholder“, He said at the time Chouinard. Today, with the about $ 100 million left, he continues to live modestly in Ventura, leading an old subaru with an surfing board in the roof – faithful to the man who always preferred the mountains to the millions.

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