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☆ Walmart heir Rob Walton is stepping down from the retailer's board after four decades
▼ + stars: | 2024-04-26 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Rob Walton, eldest son of Walmart founder Sam Walton, is stepping down from the company's board. He first joined Walmart in 1969 and has served on the board for more than 40 years. The company said Walton "helped shape some of the most important moments in Walmart history." AdvertisementRob Walton, eldest son of Walmart founder Sam Walton's three children, is stepping down from the company's board of directors in June. Even in retirement, Walton will have significant influence over Walmart through his co-ownership of Walton Enterprises, which is the largest holder of Walmart stock.

Persons: Rob Walton, Sam Walton, Walton, —, Sam Walton's, Sam, Greg Penner Organizations: Walmart, Service, Walton Enterprises, Bloomberg

☆ Meet Rob Walton, the Walmart heir worth $79.8 billion who's retiring from the company's board after more than 40 years
▼ + stars: | 2024-04-26 | by ( Avery Hartmans | Sarah Jackson | ) www.businessinsider.com time to read: +1 min

Rob Walton, the eldest of Walmart founder Sam Walton's children, is retiring after more than 40 years on the company's board. With a net worth of $79.8 billion, he's among the 20 richest people in the world. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementWalmart billionaire Rob Walton is stepping down from the board of his family's company. Walmart announced on Thursday that Walton, the eldest son of founder Sam Walton, will retire after more than 40 years on the board as its longest-serving member.

Persons: Rob Walton, Sam Walton's, —, Walton, Sam Walton Organizations: Walmart, Service, NFL, Denver Broncos

☆ 9 ways rich real estate owners save big on taxes from putting mansions in trusts to donating rental property income
▼ + stars: | 2024-04-25 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +9 min

The richest 0.1% of Americans own $1.8 trillion in real estate, according to the Federal Reserve. Currently, individuals and married couples can gift or bequeath $13.61 million and $27.22 million, respectively, before a 40% federal estate tax kicks in. Here are nine little-known techniques that wealthy real estate owners use to pay less to Uncle Sam:Qualified personal residence trusts, better known as "QPRTs," effectively freeze the value of a real estate property for tax purposes. With an FLP, an individual — often a parent or two parents — pools their business assets, commonly real estate or stocks. The heirs don't own the trust assets, but rather have lifetime rights to the trust's income and real estate.

Persons: Uncle Sam, Trump, Sam Walton, Wrigley, Jeff Bezos, Rich, Ron Wyden, PPLI, Jackie O, I've, Edward Renn, remarries Organizations: Federal, Business, Walmart, Biden, Blackstone, Lombard, Taxpayers, IRS Locations: Trump, Florida, Wyoming, Plenty

☆ James Keyes' daily routine: The schedule of the former 7-Eleven CEO who flew his own plane for business trips
▼ + stars: | 2024-03-04 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +6 min

James Keyes, who spent over two decades at 7-Eleven, served as CEO from 2000 to 2005. As CEO, Keyes told Business Insider he had long workdays and slept around five hours a night. "Basically, a big portion of the CEO's job is communications," Keyes said. So, if it wasn't a sampling day, he'd usually have a salad brought in, and eat it between meetings. He'd usually start winding down by 11 p.m., spending the last hour of his day reading materials in preparation for the morning.

Persons: —, isn't, James Keyes, Keyes, he's, Sam Walton's playbook, you've, he'd Organizations: Service, Business, Walmart, Foods Locations: Dallas

☆ The family behind Walmart cashed out $1.5 billion as the stock neared an all-time high last week
▼ + stars: | 2024-02-26 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

The Walton family sold nearly 9 million shares of Walmart stock last week for over $1.5 billion. The sale brings the family's total proceeds to nearly $2.3 billion in the span of three months. Monday's three-to-one stock split means the Waltons now hold about 3.75 billion shares. AdvertisementThe Walton family's cash accounts are a whopping $1.5 billion bigger after they sold nearly 9 million shares of Walmart stock last week, according to SEC filings. The latest sales bring the Walton family's total proceeds to nearly $2.3 billion from Walmart shares in the span of three months, the disclosures show.

Persons: Walton, —, Sam Walton Organizations: Walmart, Service, SEC, Walton, Business

☆ After Walmart's stock split, Jim Cramer says this chipmaker should be next
▼ + stars: | 2024-02-26 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +2 min

Jim Cramer's daily rapid fire looks at stocks in the news outside the CNBC Investing Club portfolio. Walmart : The Arkansas-based retail giant's 3-for-1 stock split went into effect Monday, and Jim Cramer said he'd like to see other companies consider taking similar moves. "This is something that [CEO] Doug McMillon said that [founder] Sam Walton liked because people don't like partial stock. I think that companies like Broadcom should be listening to that, and they should be splitting," Cramer said. "They gave you a really long-term view, and it was very positive," Cramer said.

Persons: Jim Cramer's, Jim Cramer, Cramer, Doug McMillon, Sam Walton, Berkshire Hathaway, Warren Buffett's, there's, Buffett, it's, Boehringer Ingelheim, Eli Lilly, — Organizations: CNBC, Club, Walmart, Broadcom, Cramer's Charitable Trust, Berkshire, Zealand Pharma Locations: Arkansas, Cramer's, Arbor , Michigan, Danish

☆ 3 Waltons are worth a combined $224 billion — more than Elon Musk — thanks to Walmart's stock surge
▼ + stars: | 2024-02-25 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Three heirs to the Walmart fortune have more than doubled their personal wealth since 2016. Rob, Jim, and Alice Walton have added more than $100 billion to their net worth in recent years. AdvertisementThree Walmart heirs have more than doubled their money since 2016, adding more than $100 billion to their combined fortunes. Legendary founder Sam Walton's three surviving children — Rob, Jim, and Alice — all hold top-20 spots on the Forbes rich list with personal fortunes of between $70 billion and $77 billion. This story is available exclusively to Business Insider subscribers.

Persons: Rob, Jim, Alice Walton, —, Sam Walton's, Alice — Organizations: Walmart, Service, Forbes, Business

☆ The rich want to give their kids real estate and businesses to save on taxes but still control the family fortune. One neat trick: family-limited partnerships.
▼ + stars: | 2024-02-14 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +8 min

And yet, Walton's wife and children didn't have to pay a dime in estate tax. With an FLP, an individual — often a parent or two parents — pools their business assets, which are commonly real estate or stock. There are pragmatic reasons for keeping family business assets consolidated, according to Dan Griffith of Huntington Private Bank. Another sweetener: you can claim a discount on the assets within the FLP and use even less of your estate tax exemption. This would eliminate all gift and estate tax on the business even if the couple dies after the Trump tax cuts sunset.

Persons: —, Sam Walton, didn't, Donald Trump, Dan Griffith, –, Griffith, Robert Strauss, Weinstock Manion, Strauss, Edward Renn, Renn, Trump, that's, Katie Carlson Organizations: Service, Walmart, Business, Huntington Private Bank, IRS, Partners, Bank of, Trump

☆ 45 American families are worth more than $10 billion — and the wealthiest one is even richer than Elon Musk
▼ + stars: | 2024-02-12 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Forbes found that there are 45 American families with fortunes exceeding $10 billion. The Walmart founder Sam Walton's heirs are richer than Elon Musk, with a $267 billion fortune. AdvertisementThere are 45 American families worth at least $10 billion, and the richest one is wealthier than Elon Musk, Forbes says. Forbes estimates the 45 superrich families are collectively worth about $1.3 trillion, or roughly 10 times Warren Buffett's personal fortune. The descendants of John D. Rockefeller — the nation's richest man in his prime — barely made Forbes' list, with a $10.3 billion fortune.

Persons: Forbes, Sam Walton's, Elon Musk, Koch, Lauder, Pritzker, Rockefeller, —, Warren, Hearst, John D, MacMillan, Campbell, Brown, Forman, Jack Daniel's, Busch, Haslam, Warren Buffett's Berkshire Hathaway, it's Organizations: Walmart, Elon, Service, Forbes, SpaceX, Marriott, Carnegie, Vanderbilt, Getty, Cargill, Hyatt Hotels, Anheuser, Busch, InBev, Centers, Warren Locations: Marriott, Hearst

☆ Walmart's stock split only shows how rare they've become in the past 20 years
▼ + stars: | 2024-01-31 | by ( Bob Pisani | ) www.cnbc.com time to read: +2 min

Walmart 's decision to split its stock 3-for-1 has revived an old debate: when is the right time to split a stock? There's no clear answer to this, but one fact is clear: stock splits are far less common than 20 or 30 years ago. That's likely because the institutional base for stock ownership has come to dominate the market. What effect does a stock split have on trading? More than 400,000 associates participate in Walmart's Associate Stock Purchase Plan today, which allows eligible associates to buy stock conveniently through payroll deductions and provides a 15% company match on the first $1,800 each year."

Persons: Sam Walton, Doug McMillon, Sam Organizations: Walmart, Institutional, Palo Alto Networks, Nvidia, Apple

☆ Here are Jim Cramer's rapid-fire takeaways on 6 stocks in the news Wednesday
▼ + stars: | 2024-01-31 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +2 min

Jim said, "I don't know if [CEO] Carol Tome can keep the job." The fact is, he added, e-commerce is very strong and "she's not participating in it." Walmart — Founder Sam Walton liked the idea that people shouldn't have to own fractional shares, Jim said, praising the retailer's 3-for-1 stock split . "Very smart move by Walmart" to entice the individual investor with a smaller share price, Jim added. General Motors — Shares on Wednesday added to their 7.8% gain in the prior session on a strong quarter and 2024 guidance.

Persons: Jim, Carol Tome, Sam Walton, Mary Barra, Dave Calhoun didn't, Calhoun, Ozempic, Eli Lilly, Lilly, Tesla, Elon Organizations: Parcel Service, Walmart, General Motors, GM, CNBC, Club, Ford Motor, Boeing, Novo Nordisk — Locations: Delaware

☆ Walmart and Target borrowing ideas from each other shows we're in a new economic landscape
▼ + stars: | 2023-12-05 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

In today's big story, we're looking at the rising similarities between Target and Walmart. Dominick Reuter/Business InsiderIf imitation is the sincerest form of flattery, Walmart and Target are embarking on some serious tributes to each other. AdvertisementTwo of the country's largest retailers are taking pages from each other's playbooks as they adjust to a changing economic landscape. And Walmart founder Sam Walton openly admitted he stole borrowed plenty of ideas from Sol Price, the originator of the wholesale club model. That's led Walmart to see an increase in higher-income clientele, a trend they're leaning into.

Persons: —, Dominick Reuter, Insider's Dominick Reuter, Dominick, Christina Hennington, it's, Sam Walton, Sol Price, That's, Charlie Flanagan, Management's Bryan Kelly, Li Deng, Mike Schuster, Sam Altman Andrew Caballero, Reynolds, Daniel Ek, Slaven Vlasic, Rebecca Zisser, Elon, Zers, Xochitl Gomez, Alyson Hannigan, Jason Mraz, Charity Lawson, Ariana Madix, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Target, Walmart, AQR, Investments, AQR Capital Management, Vatic Investments, Sigma, Investment, Barclays, ING, MSCI Israel, Tel, Tel Aviv Stock Exchange, Israel Securities Authority, Reuters, Broadcom, VMware, The New York Times, Inc, Adobe, ABC, Major, Baseball, MLB Network Locations: Israel, Tel Aviv, New York City, San Diego, London, New York

☆ For Annie Leibovitz, an Opportunity to Work and Build on the Past
▼ + stars: | 2023-10-20 | by ( Laurel Graeber | ) www.nytimes.com time to read: +1 min

This article is part of the Fine Arts & Exhibits special section on the art world’s expanded view of what art is and who can make it. Annie Leibovitz often says she is obsessed. It requires drive, she said, and “you have to be obsessed.”All of these passions — and more — appear in “Annie Leibovitz at Work,” a show of about 300 photographs at the Crystal Bridges Museum of American Art in Bentonville, Ark. The exhibition, which runs through Jan. 29 before traveling to other museums, is unlike any Ms. Leibovitz, 74, has ever done. When Ms. Walton suggested that Ms. Leibovitz might want to exhibit at the museum as well, Ms. Leibovitz replied that she was more interested in making new work than in displaying what she had already done.

Persons: Annie Leibovitz, Abraham Lincoln, ”, Leibovitz, Alice L, Walton, Sam Walton Organizations: Fine Arts, Gettysburg, Crystal Bridges Museum of American Art Locations: Bentonville, Ark, Jan

☆ Walmart beefs up its third-party marketplace as it challenges bigger online rival Amazon
▼ + stars: | 2023-10-18 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +8 min

In this article WMTAMZN Follow your favorite stocks CREATE FREE ACCOUNTWalmart hosted its first seller summit for its third-party marketplace this summer. Walmart leaders gave third-party marketplace sellers an early gift, too: Waiving extra fees for storing merchandise during the peak season. Already, the company is using the third-party marketplace to try to drum up early business. About 70% of items included in Walmart Plus Week, which coincided with Amazon Prime Day in July, were marketplace items. There are signs Walmart's growing third-party marketplace could help the company defy slower spending patterns and capitalize on inflation-wary shoppers.

Persons: Doug McMillon, Santa Claus, Sam Walton, Walmart's, Tom Ward, Rick Watson, Watson, Melissa LaCognata, Jaré Buckley, Cox Organizations: Walmart, Amazon's, Amazon, Walmart U.S, eBay, RMW Commerce Consulting, Federal Trade Commission, Disney, Reebok, Lucky Locations: Las Vegas, Amazon

☆ Warren Buffett has only topped Forbes' rich list once – while Bill Gates ranked first for 24 years straight
▼ + stars: | 2023-10-04 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Yet the famed investor has only topped Forbes' list of the wealthiest Americans once, in 1993. AdvertisementAdvertisementWarren Buffett has been a billionaire for nearly four decades – but only topped Forbes' annual list of the 400 richest Americans on one occasion, back in 1993. He has topped the Forbes list 25 times, including for 24 consecutive years between 1994 and 2017. Individuals worth less than $10 billion topped Forbes' rankings every year between 1982 and 1994. The leader was worth below $90 billion each year until 2018, when Bezos ranked first with a $160 billion fortune.

Persons: Warren Buffett, Buffett, Bill Gates, —, Forbes, Daniel Ludwig, Gordon Getty, Sam Walton, John Kluge, Jeff Bezos, Elon Musk, Gates, Larry Ellison, he's, outshone Buffett, –, Alice Schroder, Rick Wilking, Melinda French Gates, Bezos Organizations: Forbes, Service, Walmart, Microsoft, Amazon, SpaceX, Oracle, Berkshire Hathaway, Gates Locations: Berkshire, Omaha

☆ Walmart opens a pet center with veterinary care and grooming as it signals bigger ambitions
▼ + stars: | 2023-09-20 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +2 min

Walmart is piloting a pet services center in a suburb of Atlanta, but plans to open more locations in other parts of the country. Walmart is opening a dedicated pet services center, signaling it wants to be a place that customers turn to for veterinarian visits and dog grooming appointments along with grocery runs. Walmart's pet services center will have its own dedicated entrance next to a store. PetIQ has rented space for vet clinics inside more than 65 Walmart stores, after opening its first one in 2016. "We know pet services is an important need for our customers and we want to be able to provide that all in one place," she said.

Persons: Ol, Roy, Sam Walton's, PetIQ, Kaitlyn Shadiow, Morgan Stanley Organizations: Walmart, Walmart U.S, Wellness Locations: Atlanta, Dallas , Georgia, Georgia

☆ This Small Ozarks Town—Home to Walmart Headquarters—Is Becoming a New Capital of Cool
▼ + stars: | 2023-08-19 | by ( Kathryn O Shea-Evans | Photographs Barrett Emke For The Wall Street Journal | ) www.wsj.com time to read: 1 min

MORE THAN a decade after the Crystal Bridges Museum of American Art opened in 2011 in Bentonville, Ark., I found myself wondering if more art, culture and good food had followed in its wake. Founded by Alice Walton , daughter of Walmart founder Sam Walton, and designed by convention-flouting architect Moshe Safdie, the museum turned a spotlight on this southern city in the Ozarks. Named for the spring that feeds the two ponds that flank it, the museum holds work by artists such as Mark Rothko, Andy Warhol and Georgia O’Keeffe.

Persons: Alice Walton, Sam Walton, Moshe Safdie, Mark Rothko, Andy Warhol, Georgia O’Keeffe Organizations: Crystal Bridges Museum of American Art, Walmart Locations: Bentonville, Ark, Georgia

Then, a deep dive into MrBeast and what his YouTube empire says about the future of the internet. Reddit came along and said, oh, we need to protect Reddit from the rise of these large language models. So I don’t think they’re totally out of the woods. But I don’t think people would say it was a golden age for how safe the platforms fell to use. But I want to challenge you on this, because I don’t necessarily think that it’s a bad thing if we have past peak trust and safety.

Persons: kevin roose, you’ve, casey newton, casey newton Yes, I’ve, there’s, kevin roose I’m, Kevin Roose, ” casey newton, Casey Newton, Casey, Reddit, casey newton Right, roose, Steve Huffman, you’re, Kevin, It’s, They’re, casey newton Well, they’ve, we’re, Huffman, “, Redditors, We’ve, Everyone’s, we’ve, I’m, let’s, Sam Walton, Max, kevin roose Hey, kevin roose Oh, kevin roose Max Read, MrBeast, it’s, Jimmy Donaldson, He’s, Willy Wonka, he’s, somethings, haven’t, kevin roose We’ll, We’ll, kevin roose She’s, she’s, kevin roose MrBeast, Jeremiah, jeremiah howard, Jeremiah Howard who’s, Jimmy, Burger, You’re, Stefan Molyneux, PewDiePie, Paul, Let’s, Raman, kevin roose It’s, MrBeast financials, doesn’t, Logan Paul, they’re, Vincent Miller, Jon Hamm’s, Matthew Weiner’s, kevin roose Max, Will, Max Read, ” kevin roose, casey newton Max, Robert F Kennedy, COVID, Kennedy, Instagram, Connor Roy, Marjorie Taylor Greene, Robert F Kennedy Jr, Elon, Donald Trump, We’re, Jim Jordan, kevin roose Totally, Alex Jones, casey newton Totally, Kate Kalanick, Trump, Tucker Carlson, aren’t, — casey newton, hasn’t, Rachel Cohn, Jen Poyante, Caitlin Love, Alyssa Moxley, Dan Powell, Elisheba Ittoop, Marion Lozano, Sofia Lanman, Rowan Niemisto, Paula Szuchman, Tam, Nell Gallogly, Kate LoPresi, Jeffrey Miranda Organizations: The New York Times, Twitter, YouTube, Lamborghini, Netflix, Walmart, News, Producers, Meta, Instagram, COVID, Democratic, Washington Post, Apple, Republicans, Facebook, 4chan, Republican Party, Trump, Fox News, Stanford, Davis Locations: Hawaii, Reddit, Greenville , North Carolina, hysterics, New Jersey, New York, Greenville, North Carolina, Central, United States, Bay, San Francisco, Stanford

☆ Sam's Club history: How Walmart grew its small-business supply store to a 600-warehouse behemoth locked in a battle with Costco
▼ + stars: | 2023-05-28 | by ( Ben Tobin | ) www.businessinsider.com time to read: 1 min

Kathryn McLay is the current CEO of Sam's Club, assuming the role in 2019. "We still see ourselves as the 'experiment' Sam Walton launched back in 1983, always looking to evolve and improve," she said in a recent LinkedIn post. Sam's ClubSource: Sam's Club, LinkedIn

☆ Sam's Club's history: How Walmart turned a supply store for small businesses into Costco's biggest rival
▼ + stars: | 2023-05-09 | by ( Ben Tobin | ) www.businessinsider.com time to read: 1 min

☆ Walmart has rolled out 7 different logos over the years. See how the retailer's logo has evolved.
▼ + stars: | 2023-05-07 | by ( Ben Tobin | ) www.businessinsider.com time to read: 1 min

Finally, in 2008, Walmart dropped the hyphen and arrived at the blue logo it touts today. The logo includes a yellow "spark," which represents the spark of inspiration that led Sam Walton to create the first store, and each part of the spark is associated with one of the company's values and principles, according to the company. WalmartSource: Walmart Museum

The Walmart heirs' combined worth is roughly $234 billion, according to Bloomberg. The family grants money and resources to support education, environmental efforts, and their home community through the Walton Family Foundation. In public, the Waltons live pretty modest lifestyles despite their wealth. Sam Walton, the original man behind the company that now encompasses both Walmart and Sam's Club, set his family up for financial success when he divided the ownership before he died. He wasn't a man of flashy luxury, but you can see how his children are living a slightly more lavish life now.

☆ Walmart unveiled its 7th logo last week. See the retailer's logos through the years.
▼ + stars: | 2023-04-13 | by ( Ben Tobin | ) www.businessinsider.com time to read: 1 min

☆ Walmart CEO Plans to Stay in Role at Least Three More Years
▼ + stars: | 2023-03-03 | by ( Sarah Nassauer | ) www.wsj.com time to read: 1 min

With Doug McMillon, Walmart’s 56-year-old CEO, planning to stay in the role, the company has more time to name a successor. Walmart Inc. Chief Executive Doug McMillon plans to helm the country’s largest retailer for at least three more years as the company continues work to identify a successor, according to people familiar with the matter. Mr. McMillon, 56, a Walmart lifer who has held the job since 2014, is the company’s fourth CEO since founder Sam Walton . His plans to stay in the role for more than a decade will extend the company’s timeline for finding its next leader, the people said.

☆ 10 money managers who quietly control the vast fortunes of Jeff Bezos, Sergey Brin, the Waltons, and other big-name billionaires
▼ + stars: | 2022-12-27 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +24 min

Many über-rich people don't outsource their wealth — they hire their own chief investment officers. He left SAC in 2005 for Dune Capital Management, but stayed in touch with Steve during his five-year term at the investment firm. Andrew oversees CPV's portfolio, which primarily comprises direct private investments such as Collectors Universe, a collectibles-authentication company, and the New York Mets. In 2011, Wildcat Capital Management was launched with Potter as president and chief investment officer. Since November 2021, Carland has also served as the interim chief investment officer for Builders Vision's asset arm.

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