Why dis billionaire wey get fashion retail Patagonia dey dash im company to charity

Di billionaire oga of one outdoor fashion retailer wey dem dey call Patagonia say e dey give away im company to charity.

Yvon Chouinard say for di new ownership structure, any profit wey dem no put back for di running for di business go - go towards fighting climate change.

He claim say e fit reach around $100bn per year depending on di health of di company.

E say di reason behind im decision to do give di company to charity na say, "even as e big reach, di earth resources no dey forever, and e clear say we don reach im limit. Instead of to dey comot value from nature to take make money, we go carry di wealth Patagonia make to take protect di source."

Wetin be Patagonia?

Patagonia dey sell clothes for hiking and oda outdoor activities for ova 10 kontris.

Dem bin start di company for 1973 and di estimated revenue for di company dis year na $1.5bn dis year as oga Chouinard net worth na $1.2bn.

Di California company bin dey already donate 1% of dia annual profits give grassroots activists.

But for open letter to customers, di businessman say e wan do more.

Wetin cause di decision to dash Patagonia

Oga Chouinard say e bin dey tink to sell di business and donate di money to charity or make di company public.

But e say di two options for mean say e go give up control on di business.

So di Chouinard family wey don always own do company go transfer am to two entities.

Yvon say di Patagonia Purpose Trust wey di family dey lead go remain di company controlling shareholder but dem go get only own 2% of dia full stock.

Holdfast Collective wey be di American charity wey dey "dedicated to fight di environmental crisis" go own all di non-voting stock wey be 98% of di company.

Oga Chouinard no be di first businessman to dash im wealth.

Last year, di oga of di Hut group wey get online beauty and nutrition brands bin donate £100m for charitable foundation afta e become billionaire afta dem list im company.

Matthew Moulding say e "no fit even fully understand di numbers" of im newfound wealth and dey try to make a difference.

Meanwhile Microsoft founder Bill Gates bin promise dis year say im go comot di World rich list as im donate $20bn to im philanthropic fund.

Di tech oga wey pipo tink say dey worth $118bn bin don pledge to give im wealth to charity for 2010 but since dat time, im net worth don double.