The New York Times reported Tuesday that more than $70 million of apparel company Patagonia's profits will be used to fund Democratic groups, environmental initiatives and other causes starting in September 2022. It is said that
Patagonia distributes all profits, excluding those that are reinvested into the company, through an entity called the Holdfast Collective, which has created and oversees five different 501(c)(4) nonprofit organizations. according to To the New York Times. They can spend as much as they want on political contributions as long as their primary focus is on social good, and they have donated $1 million to support Democratic elections across the country. (Related: Liberal Foundation funneled tens of millions of dollars to influential environmental groups tied to Chinese government)
The legacy of Dr. Martin Luther King Jr. is the foundation of our belief in the power of people and protest to protect the communities and places we love. pic.twitter.com/KDg5XtnZ4Z
— Patagonia (@patagonia) January 15, 2024
According to the NYT, nonprofits within the group donated $200,000 to a Democratic super PAC in January and $100,000 to both the Democratic Senate Majority PAC and the Democratic House Majority PAC during the last election cycle. They have made less significant donations to organizations such as the Black Voters Matter Fund, the Center for American Progress Action Fund, and the Georgia Investor Action Fund.
The Holdfast Collective nonprofit group owns 98% of Patagonia's non-voting stock, worth about $1.7 billion, according to the NYT. The network is “a $1.7 billion political organization waiting,” Caitlin Sutherland, executive director of Americans for Public Trust, told the NYT.
According to the New York Times, Americans for Public Trust highlighted documents showing that the Holdfast Collective nonprofit is fighting causes such as abortion and so-called disinformation.
“Personally, I don't understand the connection between abortion spending and climate change,” Sutherland told the NYT. The Holdfast Collective also made large donations to groups working to increase voter turnout in Georgia ahead of the 2022 midterm elections, according to the NYT.
“We are not trying to be an extension of the Democratic Party,” says Holdfast Collective Executive Director Greg Curtis he told the NYT. “The only purpose of getting involved in politics and policy is to push for stronger environmental policies.”
Patagonia's billionaire founder Yvon Chouinard donated his company to advance climate change issues in September 2022. Chouinard could have avoided paying up to $1.176 billion in gift taxes by donating his business to a nonprofit organization. according to Go to Business Insider.
“We're really interested in supporting climate change leaders, whether they're Republicans, Democrats or independents,” Curtis told the NYT. “It just so happens that a lot of those people were Democrats.”
Patagonia did not immediately respond to a request for comment from the Daily Caller News Foundation.
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