RIYADH: The Walton family, renowned as the world’s richest family, saw their wealth slide $11.4 billion on Tuesday after Walmart slashed its earnings outlook for the second time this year.
The sudden loss in revenue happened when the shares in the Arkansas-based retailer, which is owned by the family, slid 7.6 percent in New York trading, after Walmart announced that its revenue is expected to decline 13 percent this year.
In May, Walmart had predicted that its earnings per share will slide 1 percent this year, while in February, the retailer predicted a slight uptick in revenue, according to a Bloomberg report.
Walmart revised its earnings outlook based on looming inflation, which is making customers reluctant to buy.
It was not just Walmart’s share price that tumbled on Tuesday. Shares in Canadian e-commerce firm Shopify Inc. fell 14 percent on Tuesday, after its CEO Tobi Lutke predicted a gloomy economic outlook after the pandemic.
