Hobby Lobby founder David Green is ready to free himself from the grips of wealth, calling his massive fortune a “curse.”
Green penned an op-ed on October 21st, revealing that he was giving the company away. In the lengthy explanation, Green said he declined passing ownership to his children or grandchildren because that didn’t feel like the best decision, despite the advice of his attorneys and accountants.
“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 wrote. Instead, he prefers to have his children work in the stores and earn their money. Ultimately, Green’s faith led him to decline making more money with the company, calling God the “true owner” of Hobby Lobby, which is headquartered in Oklahoma City.
The company has over 900 stores nationwide. As of now, Green has not revealed who or what entity will oversee the company moving forward. However, he confirmed that 100% of the Hobby Lobby voting stock had been moved to a trust where “stewardship” can be transferred from one person to another.
Green’s current net worth is $14 billion, so even with transferring ownership of Hobby Lobby, he will still hold a significant amount of wealth. Green has donated $500 million to the family’s Museum of the Bible, which opened its doors in 2017. Last year, they donated $20 million to Highlands College.