"However, for Yvon Chouinard, the founder of the outdoor apparel company Patagonia, being highlighted as a member of the ultrawealthy was "one of the worst days of his life." "It really, really pissed me off," he said upon being placed on Forbes 2017 billionaire list, according to excerpts from Dirtbag Billionaire: How Yvon Chouinard Built Patagonia, Made a Fortune, and Gave It All Away by David Gelles."
"Selling the company would make Chouinard go from asset-rich to having actual billions in the bank-defeating the purpose of the exercise. And he refused to IPO. "I don't respect the stock market at all," Chouinard said according to Gelles' new book. "Once you're public, you've lost control over the company, and you have to maximize profits for the shareholder. You lose all control, and then you become one of these irresponsible companies.""
Yvon Chouinard experienced humble, resourceful early years as a climber, often sleeping in his car, surviving on minimal food, and living frugally. Recognition as a billionaire angered him because he viewed extreme personal wealth as a symptom of broader inequality and a policy failure. He rejected selling Patagonia or taking it public, citing loss of control and pressure to maximize shareholder profits. In 2022 he and his family transferred ownership to a trust and a nonprofit structure that redirects company profits and prevents converting company assets into personal billions while preserving Patagonia's mission and operational purpose.
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