David Green, the founder of Hobby Lobby, declared in a Fox News op-ed published on October 21 that he is giving up his business and that he "chose God" above success.
Green acknowledged that "God was the true owner of my firm" and attributed his success to his religion and higher power, saying that "passing the company down to my children and grandchildren would've been the incorrect choice."
The right to sell the business and keep the proceeds for yourself and your family is one of the rights and obligations that come with being an owner, according to Green's writing. "As our business expanded, that concept bothered me more and more. I was encouraged by well-meaning lawyers and accountants to simply transfer ownership to my children and grandchildren."
I didn't think it was right that I might influence or even sabotage my future grandchildren's lives when they hadn't even been born yet.
Green, who according to Forbes has a net worth of $14 billion, continued, "When I recognized that I was merely a steward, it was easy to give away my ownership."
The announcement follows the founder of Patagonia, Yvon Chouinard, who gave up his company a month earlier as a means to fight the climate crisis.
Green claimed that trust now holds all of the company's voting stock in a separate interview with Fox & Friends. The specifics of how he is dispersing the business were kept a secret.
On Fox & Friends he said, "Riches can be a curse and, in most situations, if you dig into it, wealth is a curse in terms of marriage, children, and things of that sort." They are managing their business accordingly, and as a result, their kids go to work and receive their pay.
Under Green, Hobby Lobby has frequently been linked to national religious news, most recently in 2020 during the pandemic when he decided to keep stores open amid the COVID-19 risk since everything was "in God's control."
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