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Billionaire donates company and fortune
An American mountain climber who lived in his car started a company without wanting to own one and had a great deal of frustration when he joined Forbes’ list of billionaires.
This is Yvon Chouinard, owner of adventure sports clothing maker Patagonia, who has decided to donate all his and his family’s shares in the company valued at around US$3 billion.
Who is Yvon? without a computer or cell phone, the 83-year-old billionaire (who took this position thanks to the appreciation of Patagonia shares in the pandemic) wears old clothes, drives a run-down Subaru and lives in two modest houses in the US.
- “I got on the Forbes Billionaires list, and it pissed me off, a lot. A lot,” he said in an interview with the New York Times. “I don’t have $1 billion in the bank. I don’t drive a Lexus.”
How will it work: the Chouinards (Yvon, his wife and two children) will donate their voting shares to a fund overseen by family members.
- He must ensure that Patagonia fulfills its commitment to running a socially responsible business and donating its profits.
- The rest of the shares will go to a non-profit organization that will receive all of the company’s profits and use that money to fight climate change.
the donations cost the family millions of dollars in taxes.
“We hope that this will influence a new form of capitalism whose end result is not to create a few rich and a lot of poor,” Chouinard said.
Nubank goes private in Brazil, but will still have BDR
Nubank reported this Thursday (15) that it will no longer be registered as a publicly traded company in Brazil to continue only on the NYSE (New York Stock Exchange). The company, however, will continue with BDRs traded on B3.
Understand: BDRs are receipts for shares traded in other countries that track the performance of papers abroad and the variation of the dollar.
Nubank will leave the level III BDRs program, which requires it to be registered with the B3 and be inspected by the CVM, to move to the level I BDRs. In this way, it will only comply with the SEC (American CVM) rules, considered less stringent than the Brazilians.
Options for the investor. Once the program is authorized, the Nubank BDR holder will have to choose one of 3 options:
- Exchange your receipts for class A common shares traded on NYSE, at the rate of 6 BDRs for each share. For this, he must have at least 6 BDRs and an account with an international brokerage.
- Exchange level III BDRs for level I securities, on a one-to-one basis, and continue trading the asset on B3.
The company stated that the proposal aims to “maximize efficiency and minimize consequential redundancies of a publicly traded company in more than one jurisdiction”.
In numbers: the largest fintech in the country arrived at Nyse, in December last year, with its shares priced at $9.
Today, after a monetary tightening in the USA that took away the appreciation of the Stock Exchanges and mainly of the technology companies, they are quoted at $5.51with a devaluation of almost 40% since the IPO.
take a break
- To watch “The Art of Saving” – on Netflix
Having trouble getting your bills up to date? Did you ask for a loan and it snowballed hard to get over? At a time when the Selic rate is 13.75% per year and the Brazilian population is experiencing record defaults, these situations are not uncommon.
- A documentary released this month on Netflix shows four personal finance consultants teaching people with different budgets to be disciplined with their accounts.
- Despite being a US production, many of the advices are universal and adaptable to the Brazilian reality, such as cutting superfluous expenses and advising on investing the money left over to obtain a yield above inflation.
Options: there is no lack of free content in Portuguese on the subject. The influencers Nathalia Arcuri, from the Me Poupe! channel, and Nathália Rodrigues, from Nath Finanças, are some of the examples.
In addition to the economy:
- Illustrated Express: Podcast Explains How Gen Z Influences New Sex and Nudity Scenes; listen up.
Chad-98Weaver, a distinguished author at NewsBulletin247, excels in the craft of article writing. With a keen eye for detail and a penchant for storytelling, Chad delivers informative and engaging content that resonates with readers across various subjects. His contributions are a testament to his dedication and expertise in the field of journalism.
