The Walmart family is handing over more control to the next generation
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The Walton family, one of richest dynasties in the U.S., is now handing over more control of Walmart (WMT-0.78%) to the next generation.
Founder Sam Walton’s eight grandchildren will join the family’s decision-making group, raising the count of voting members to 11, as reported by the Wall Street Journal (NWSA+0.94%).
Walmart has had an exceptional year. The company’s stock is up more than 80% in 2024, boosting it’s market value to $768 billion and making it one of the top performers on the S&P 500 Consumer Staples Index. With Walmart’s stock near all-time highs, the Walton family’s 46% stake is now worth an estimated $345 billion.
Despite this shift, there are no immediate changes in leadership or board seats. The family said in a statement that it wanted to “maintain an appropriate balance of family and non-family ownership,” and ensure the goals of all Walmart shareholders and the long-term success of the company remain the focus.
The Walton’s – worth an estimated $432.4 billion, according to Bloomberg – are considered the wealthiest family in the world. For decades, the family’s massive stake has rested in the hands of Sam Walton’s three children: Rob, Jim, and Alice. But as the Walton trio nears their 80s, they’ve gradually stepped back, shifting more responsibility to the next generation.
Walmart, which started as a small store in Arkansas back in 1962, is now a global powerhouse. It’s the top private-sector employer in the U.S. and continues to dominate the retail landscape. Despite fierce competition from giants like Amazon and Costco (COST+0.30%), Walmart has maintained a strong consumer following. Recent earnings reports show that the company’s diverse offerings, from groceries to discretionary goods, continue to resonate with shoppers across all income groups.
