In one day, four members of the Walton family, who have been controlling the Walmart shares, lost $11 billion of their combined net worth as Walmart stocks plunged on October 14. They have lost $41 billion combined since the beginning of the year.
Walmart had the biggest drop in profits in about 30 years, following pressure to fix business in areas like the grocery section.
Walmart has been receiving a lot of pressure from competitors, such as traditional grocery stores, dollar stores, and Amazon. The company is anticipating shares to fall as much as 12 percent in the next fiscal year, according to The Associated Press.
“We all know that retail has changed and will continue to change at an accelerating pace,” Doug McMillon, Walmart CEO, told The AP.
Walmart also announced that they will be expanding their online grocery with free pickup to 10 more markets and will make the service available to 20 markets across the country. They have also been rapidly opening a slew of smaller stores that are more convenient for customers who are on-the-go.