Connect with us

U.S. News

Patagonia’s $70M Democratic Funding Exposed

Published

on

Clear Facts

  • Patagonia has funneled over $70 million of its profits toward Democratic groups, green initiatives, and other causes since September 2022.
  • The company channels its profits through an entity called Holdfast Collective, which oversees five different 501(c)(4) nonprofits.
  • Holdfast Collective’s nonprofits hold 98% of Patagonia’s nonvoting shares, worth about $1.7 billion.

Over $70 million of apparel company Patagonia’s profits have been used to fund Democratic groups, green initiatives, and other causes since September 2022, The New York Times reported on Tuesday. Patagonia channels all its profits, excluding those reinvested in the company, through an entity named Holdfast Collective, which has established and oversees five different 501(c)(4) nonprofits. These nonprofits can spend as much as they desire on political contributions, provided their primary focus is on social benefit. They have contributed $1 million to back the election of Democrats across the United States.

Nonprofits within the collective gave $200,000 to a Democratic super PAC in January and $100,000 to both the Democratic Senate Majority PAC and House Majority PAC during the last election cycle. They also gave less significant contributions to organizations like Black Voters Matter Fund, the Center for American Progress Action Fund, and the Georgia Investor Action Fund.

Holdfast Collective’s nonprofits hold 98% of Patagonia’s nonvoting shares, worth about $1.7 billion. The network is “a $1.7 billion political organization in waiting,” Americans for Public Trust Executive Director Caitlin Sutherland told the NYT. Americans for Public Trust highlighted documents showing that Holdfast Collective’s nonprofits fund causes like abortion and countering so-called disinformation.

“I personally fail to see the connection between spending money on abortion and climate change,” Sutherland said. Holdfast Collective also gave many donations to organizations striving to increase voter turnout in Georgia before the 2022 midterm election.

“We are not aiming to be an extension of the Democratic Party,” Holdfast Collective Executive Director Greg Curtis told the NYT. “The sole purpose in engaging in politics and policy is to advance stronger environmental policy.”

Patagonia’s billionaire founder, Yvon Chouinard, donated his company to advance his climate agenda in September 2022. Chouinard may have dodged paying up to $1.176 billion in gift taxes by donating his business to a nonprofit organization, according to Business Insider.

“We would be really interested in supporting any climate leader — Republican, Democrat or independent,” Curtis said. “It just so happens that a lot of those folks are Democrats.”

Patagonia did not immediately respond to the Daily Caller News Foundation’s request for comment.

Clear Thoughts (op-ed)

Once again, we see a major corporation using its financial power to influence politics. Patagonia’s funneling of over $70 million toward Democratic groups and green initiatives is a prime example of corporate manipulation in our democracy.

Advertisement

These funds are channeled through the Holdfast Collective, which oversees five different 501(c)(4) nonprofits. The question must be asked: is this a genuine effort to advance stronger environmental policy, or is it an attempt to push a particular political agenda?

Americans for Public Trust’s Caitlin Sutherland raises a valid point when she questions the connection between supporting causes such as abortion and climate change. It seems that Patagonia’s political arm is more about advancing the Democratic Party than genuinely addressing environmental concerns.

Despite Holdfast Collective’s claims that they are not an extension of the Democratic Party, their actions speak louder than words. It’s time for corporations like Patagonia to be transparent about their political motivations and stop hiding behind the façade of environmentalism.

Let us know what you think, please share your thoughts in the comments below.

Source

Advertisement
1 Comment

1 Comment

  1. Don Schrimpf

    February 5, 2024 at 7:09 pm

    Political contributions should be revamped,revised and limited to individuals tracked by their SS number. The voters cannot compete with corporations and rich people!

Leave a Reply

Your email address will not be published. Required fields are marked *