Hobby Lobby’s founder said that he has relinquished ownership of his multibillion-dollar retail empire because he has “chosen God” — and the move may also help him avoid a hefty tax bill.
David Green, the 80-year-old CEO of the arts and crafts chain whose net worth has been valued by Forbes at $13.7 billion, likened his decision to similar moves by the owners of Patagonia and Barnhart Crane who “gave away” ownership to “allow the mission and purpose to remain intact.”
Last month, Patagonia founder Yvon Chouinard announced that he transferred ownership of the sportswear brand to a nonprofit organization, effectively rerouting nearly all of the company’s profits to environmental preservation organizations.
Read more at https://nypost.com/2022/10/25/hobby-lobbys-david-green-giving-away-company-chose-god/
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