Wal-Mart Stores, Inc. (NYSE: WMT) Founder Sam Walton's children Jim, Alice and Robson each sold over $103.52 million worth of Wal-Mart shares on Wednesday night between $71.2 and $71.8 per share. The complete sale amounted to 4,350,000 shares total, 1,450,000 for each of the three Waltons.
Key Events Leading Up To The Sales
The sale came after key events last week:
- Wednesday, June 29: Visa Inc (NYSE: V) filed counterclaim to Wal-Mart in PIN debit card lawsuit claiming Wal-Mart never told Visa about the elimination of the signature option for debit cards.
- Wednesday, June 29: Deal with JD.Com Inc(ADR) (NASDAQ: JD) announced Wal-Mart could increase stake in company to 10 percent giving Wal-Mart ovserver status.
- Monday June 27: Wal-Mart's Snackwell expanded into breakfast category.
- Friday June 24: Vetr Crowd said Wal-Mart could rise another 4.3 percent.
- Thursday June 23: Wal-Mart Pay became available in several states.
According to his autobiography, Sam Walton's (founder of Wal-Mart) greatest fear was that his kids would sell their Walmart stock he gave them.
Wal-Mart traded at $72.90, down 0.16 percent in Thursday's After-Market session.
See more from Benzinga
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.