The descendants of Walmart founder Sam Walton saw their fortunes shrivel by $15 billion on Tuesday, after the world's largest retailer reported slowing online sales growth and a drop in profits over the holidays. Shares of Walmart plunged by 9% after the retailer said its online sales grew 23% in its latest quarter, which was about half the rate of the previous quarter. While online sales still make up a fraction of the retailer's overall revenue, Walmart has been investing heavily in its e-commerce capabilities. Walmart also logged a smaller quarterly profit from a year ago, with net income declining 42% to $2.18 billion and missing analyst expectations. Jim, Rob and Alice Walton, children of founder Sam Walton, watched their fortunes fall by $4.1 billion apiece on Tuesday.

Source: Forbes February 20, 2018 19:19 UTC