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Walmart to Sell 144.5M JD.com Shares for $3.74B at 11% Discount
Aug 20, 2024, 11:55 PM
Walmart is reportedly selling its entire 5.19% stake in JD.com, a Chinese e-commerce firm, aiming to raise up to $3.74 billion. The sale involves 144.5 million shares, priced between $24.85 and $25.85 each, at an 11% discount. This move marks the end of an eight-year partnership between Walmart and JD.com. The announcement led to a significant drop in JD.com's share price, which fell nearly 11% in after-hours trading. Walmart's decision to divest comes amid an economic downturn and intense competition in the Chinese market.
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