What Happens When a Company (Like Patagonia) Transfers Ownership to a Nonprofit?

On September 14, Yvon Chouinard, the owner of Patagonia, publicly donated all his voting stock to the Patagonia Purpose Trust, and all his nonvoting stock to the Holdfast Collective, a nonprofit organization “dedicated to fighting the environmental crisis and defending nature.” The move was intended to shield the company from the “pressure to create short-term gain at the expense of long-term vitality and responsibility,” while simultaneously creating long-term funding for philanthropic causes around environmentalism.