Controversial Hobby Lobby CEO Says He’s Giving Up Company Ownership Because ‘Wealth Can Be A Curse’

The billionaire CEO of craft store chain Hobby Lobby says he is giving up his ownership in the business to a trust because ‘wealth can be a curse’ and wants to be a steward of ‘what God gave us”.

“Wealth can be a curse and in most cases if you go deeper into it, wealth is a curse in terms of marriage and children and things of that nature so we run our business and therefore , our kids come to work, and they get what they earn…it’s a paradigm shift from property that can really destroy a family,” David Green Told Fox and friends weekend This weekend.

Mr Green, 80 years old, founded the family business in Oklahoma in 1972making Hobby Lobby a national chain with billions in revenue each year and earning a personal fortune of $13 billion, according to Forbes.

He announced the move to a editorial for Fox News Friday.

“From the beginning, our goal was to honor God in everything we did,” he wrote. “We worked hard and God delivered the results. As we were blessed by God, we saw it as a great privilege to give back. We were able to give hope by supporting ministries and planting churches around the world.”

“This larger mission and purpose helped me realize that I was only a steward, a steward of what God had entrusted to me,” he added. “God was the true owner of my business. »

The billionaire did not provide further details on how the trust structure will work, or whether the change in ownership will coincide with new personal philanthropic efforts.

The Hobby Lobby executive said his decision was inspired by the family behind outdoor clothing brand Patagonia, who announced in September he would transfer his stake to a trust, which would allow the company to continue its considerable efforts to combat the climate crisis.

“Hopefully this will influence a new form of capitalism that doesn’t end up with a few rich and a bunch of poor,” said Patagonia founder Yvon Chouinard, 83. say it New York Times. “We’re going to donate as much money as possible to people who are actively working to save this planet.”

Mr. Green’s decision is not the first time he has mixed business with faith.

Hobby Lobby challenged a rule in the Affordable Care Act requiring companies to provide guaranteed access to contraception through their insurance plans, taking their case to the Supreme Court in 2014 and winning.

Mr. Green supported Donald Trump and Mike Pence, and the store kept its doors open during the pandemic, saying they had received a message from God to do so.

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