You’ve heard the phrase “the rich get richer?” Not so much for the Walton family on Tuesday. The descendants of the founder of Wal-Mart may have shed some tears into their Hermes bedsheets as they learned the cumulative net worth of the family dropped $19 billion in a single day.
Why? Blame it on Walmart’s dadgum earnings report on Tuesday, as they missed Wall Street’s quarterly profit expectations. According to a report in Bloomberg, their stock price was punished, dropping 11.4%, the biggest slide in over three decades.
Walmart’s CFO Brett Biggs said the brutal quarter was caused by overstaffing caused by over-hiring after COVID cases rose in the company. Fuel prices and supply chain and inventory issues also contributed.
CEO Doug McMillon said bottom-line results were “unexpected” and blamed it on an “unusual environment.”
Forbes ranks the Waltons as the richest family in the world. Three of Sam Walton’s kids own just under half of the company, a collective $212 billion between them, so it doesn’t look like they will have to cancel Christmas or start shopping for bargains at Wal-Mart.
The post Walton Family Loses $19 Billion Tuesday. With Only $212 Billion Left, They May Have To Start Bargain Hunting At Wal-Mart. appeared first on VTPost.com.
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