Walton family lost nearly $19 billion on Tuesday after Walmart’s biggest stock slide in about 35 years
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The Waltons are the richest family, and five of them own just under half of Walmart.
They lost $19 billion Tuesday after Walmart posted its quarterly results, Bloomberg reported.
The group is worth about $212 billion, according to the Bloomberg Billionaires Index.
Every now and again, it’s a tough day at the family business.
The Walton family, which controls Walmart, lost almost $19 billion on Tuesday as Walmart’s stock slumped, Bloomberg reported Tuesday.
Walmart reported earnings on Tuesday and missed Wall Street’s quarterly profit expectations. The company’s stock fell 11.4%, its biggest slump in almost 35 years, Bloomberg reported.
Brett Biggs, Walmart’s chief financial officer, told CNBC the tough quarter had to do with factors including overstaffing from overhiring when employees got COVID-19, inventory issues, and fuel prices.
Inflation’s influence on consumers is affecting Walmart, too.
People are buying items that Walmart makes less money on, like eggs, instead of big-ticket items the store makes more on, such as electronics, Biggs told the outlet, even though it’s selling more food overall.
The Waltons, including three of the late cofounder’s children, own a little less than half of the company and are worth $212 billion all together, Bloomberg said. While the wipeout of wealth Tuesday was stark, stock-market losses or gains aren’t realized until a party sells its shares.
The index also lists the Waltons at the richest family.
The Walton Family Foundation and Walmart did not immediately respond to requests for comment.
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