News just broke that the owner of Hobby Lobby has announced he gave away the company.
He says God told him to.
The founder and CEO of Hobby Lobby, David Green, announced Friday he “chose God” when he decided to give away ownership of the company.
“For me, my source of truth has always been prayer and the Bible,” wrote Green in the opinion piece. “I truly believe that if leaders pray and seek truth from the Bible that their businesses will be revolutionized.”
Also read: Why does Hobby Lobby Not Sell Halloween Decor?
He then went onto explaining how his religious beliefs is what drove him to operate Hobby Lobby the way he does:
“I wasn’t supposed to take the profits of the business and use them for myself,” Green said. “I also had a responsibility to the employees that God had put in my charge. This is why our company pays a minimum wage of $18.50 per hour, why we close on Sunday (which had been our most profitable day of business), and why we close by 8 p.m. every day.”
“Well-meaning attorneys and accountants advised me to simply pass ownership down to my children and grandchildren. It didn’t seem fair to me that I might change or even ruin the future of grandchildren who had not even been born yet,” Green said.
And on a Fox News segment he said that “100%” of the company’s voting stock was moved to a trust where it can be passed on from one person to another.
“All the voting stock is in 1% in its trust, and it is being managed and being stewarded instead of seeing ourselves as owners,” he added.
So, looks like he gave his company away. It’ll be interesting to see if this changes anything within the company.