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That way, the family accumulated funds in WEI rather than throwing it all over the place to live high. [3] Rob using his law expertise helped organize his family's ownership in Walmart into WEI, and also did legal work for Walmart's IPO in October 1970. [4] In 1975, the family agreed to make Jim the president of WEI.
The Walton family is worth more than $330 billion, dwarfing Elon Musk's $237 billion fortune. They owe some of their wealth to a savvy decision by Walmart founder Sam Walton over 70 years ago.
Samuel Moore Walton (March 29, 1918 – April 5, 1992) was an American business magnate best known for founding the retailers Walmart and Sam's Club, which he started in Rogers, Arkansas, and Midwest City, Oklahoma, in 1962 and 1983 respectively.
Since opening in 1962 in Rogers, Arkansas, Walmart has grown to approximately 10,500 stores and Sam's clubs in 24 countries, according to its corporate website. What started as a small shop has ...
The family then announced on August 2, 2022, that Lewis Hamilton would be added to the ownership group. [14] Walton delegated most day-to-day authority to his son-in-law, Walmart chairman Greg Penner, who took over as CEO of the franchise and the public face of the ownership group. [15]
Even the Walmart Museum, housed in some of the company’s original store locations, is getting a facelift, with a new interactive, life-sized hologram of founder Sam Walton, who died in 1992.
The Walton family's wealth is majority held through the investment holding company Walton Enterprises. [6] As of December 2014, the Waltons collectively owned 50.8 percent of Walmart. [7] In 2018, the family sold some of their company's stock and now owns just under 50%. [8]
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