Rob Walton, Son of Wal-Mart Founder, Unloads Company Shares
Rob Walton, son of Wal-Mart founder Sam Walton, sold a chunk of his stock in the company this week, netting $62.3 million in proceeds. Walton did this in two installments: The first sale was of 646,330 shares at a price of $80.2025, which brought in more than $51.8 million. The second was of 129,628 shares at a price of $80.4406, yielding $10.4 million.
Walton remains a member of Wal-Mart’s board of directors and still has more than 106.3 million shares in the company, totaling nearly $8.4 billion, after the share sells. Since he sold less than 1 percent of the Wal-Mart stock he owns, it's difficult to speculate what the reason for the sale might be.
Earlier this year, Warren Buffet sold all of his Wal-Mart stock in a move that analysts said underlined the troubling times of retail.