Yvon Chouinard, the creator of US outdoor clothing brand Patagonia, declared that the planet Earth is now the single shareholder in the $3 billion corporation.
The 83-year-old Chouinard wrote in a letter that was published on the organization's website, "While we're doing our best to address the environmental problem, it's not enough".
He added, "One possibility was to sell Patagonia and donate the entire proceeds" while describing his options.
He claims that the Patagonia Purpose Trust, established to safeguard the business's principles, receives all of the company's voting stock.
"Despite its vastness, the Earth's resources are finite, and it is obvious that humans have reached their limitations. If we dedicate ourselves to it, we can save the planet, he said.
Patagonia claimed that new owners All of the non-voting stock and 98% of the corporation are owned by The Holdfast Collective.