Controversial Hobby Lobby CEO says he’s giving away company ownership because

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The billionaire CEO of the Hobby Lobby chain of craft stores says he’s giving away his ownership in the company to a trust because “wealth can be a curse” and he wants to be a steward of “what God has given us." "Wealth can be a curse and, in most cases, if you drill down on it, wealth is a curse in terms of marriage, children and things of that nature; so we’re stewarding our company and, therefore, our children come to work, and they get what they earn… it’s a paradigm change from ownership that can really wreck a family," David Green told Fox and Friends Weekend this weekend. The Hobby Lobby executive said his decision was inspired by the family behind outdoor clothing brand Patagonia, which announced in September it would be transferring its ownership stake to a trust, which would allow the company to continue its extensive efforts to fight the climate crisis. “Hopefully this will influence a new form of capitalism that doesn’t end up with a few rich people and a bunch of poor people,” Patagonia founder Yvon Chouinard, 83, told the New York Times.