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by PatentlyDC123 907 days ago
It is. Just like when lots of outlets published puff pieces on how Patagonia "gave away the company to fight climate change". Don't get me wrong, Patagonia definitely is working to help the environment, but the 98% of shares owned by the charitable trust have no voting rights and the transition offers big tax benefits for the owner's family.
2 comments
veec_cas_tant 907 days ago
The difference between owning a billion dollar company and the deduction from donating a billion dollar company is pretty huge. Donating the company was certainly not a financial benefit for the family in any way.
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anonporridge 907 days ago
Exactly this.

The Chouinard family still completely controls the company. They may not technically be billionaires in the sense that they can liquidate the capital for their personal benefit, but they remain billionaires in the possibly more important context of capital control and influence that nets them massive power in the highest social circles.

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