World’s Richest Family Loses $19 Billion in Walmart Wipeout
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The Walton family fortune tumbled almost $19 billion on Tuesday after Walmart Inc. slashed its profit outlook.
Walmart, controlled by the family, fell 11% in New York trading after the Bentonville, Arkansas-based company reported earnings that lagged analysts’ estimates. Soaring inflation heaped pressure on the retailing giant’s profit margins in the first quarter, testing the company’s appetite to raise prices.