The world’s richest family saw its net worth slide on Tuesday after a profit warning led to Walmart stocks plunging 7.6%.
The Walton family saw $11.4 billion of its fortune wiped out as shares in the retail giant suffered a significant sell-off, according to the Bloomberg Billionaires Index.
Walmart tumbled after it said it expected its adjusted earnings-per-share to fall by around 13% this year as shoppers grapple with soaring inflation. The stock plummeted nearly 10% at Tuesday’s opening bell before staging a small recovery later in the trading session.
The retailer announced Monday that it plans to slash the price of clothing and general merchandise as it tries to adjust to soaring US prices.
“[Walmart] has excess inventory to clear and expects margins to take a hit accordingly,” HL Select fund manager Steve Clayton said. “Earnings per share at the giant retailer are expected to fall by around 13% this year, a significant reduction from previous guidance of a 1% drop.”
As well as owning just under 50% of Walmart, the Walton family runs a $1 billion charter school foundation, while heiress Anne Walton Kroenke’s husband Stan Kroenke owns the Los Angeles Rams and English Premier League soccer club Arsenal.
Walmart founder Sam Walton’s surviving children Jim, Rob, and Alice still have a combined fortune of just over $170 billion, according to Bloomberg, which makes them the world’s 18th, 19th, and 20th richest people, respectively.
