business

8/21/24

Walmart dumps shares of Chinese company while calling it a “precious partner”

Walmart sold the entirety of its stake in JD.com, the Chinese e-commerce giant, on Tuesday. According to Bloomberg, it raised $3.6 billion from selling 144.5 million shares at $24.95.

In 2016, Walmart sold its Chinese e-commerce business Yihaodian to JD.com, while acquiring about a 5% stake in the latter, which made Walmart the biggest stakeholder of JD.com at the time.

Walmart's own China operations are doing well, with quarterly sales growing 17.7% in the second quarter. Its Sam's Club franchise now has 48 stores in China, and membership income grew 26% last quarter, outpacing its growth in the US.

This came as China's e-commerce giants are hit by decreased consumer spending post-pandemic and growing competitions. Despite the massive sell-off, Walmart said JD.com is a “precious partner” it wil continue to cooperate with.

JD.com’s Hong Kong listing closed down 8.7% on Wednesday, pushing the Hang Seng Tech Index lower. Its US listing plunged 9.5% during after-hour trading on Tuesday. Since its peak in 2021, JD.com has lost about 74% of its market cap. Prices have changed little compared to when Walmart became its biggest shareholder.

Walmart’s $3.6 Billion JD.com Sale Fuels China Tech Slump

Walmart’s $3.6 Billion JD.com Sale Fuels China Tech Slump

Walmart's own China operations are doing well, with quarterly sales growing 17.7% in the second quarter. Its Sam's Club franchise now has 48 stores in China, and membership income grew 26% last quarter, outpacing its growth in the US.

This came as China's e-commerce giants are hit by decreased consumer spending post-pandemic and growing competitions. Despite the massive sell-off, Walmart said JD.com is a “precious partner” it wil continue to cooperate with.

JD.com’s Hong Kong listing closed down 8.7% on Wednesday, pushing the Hang Seng Tech Index lower. Its US listing plunged 9.5% during after-hour trading on Tuesday. Since its peak in 2021, JD.com has lost about 74% of its market cap. Prices have changed little compared to when Walmart became its biggest shareholder.

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Amazon is testing adding GM electric vans to its EV delivery fleet dominated by Rivian

Rivian may have some competition in its electric delivery van division: Bloomberg reports that Amazon is testing a small number of GM’s BrightDrop vans for its fleet.

According to Amazon, the test currently only includes a dozen of the vehicles. Amazon’s fleet also contains EVs from Ford, Stellantis, and Mercedes-Benz.

GM debuted BrightDrop in 2021, but the vehicles have struggled to sell and piled up on GM lots due to high prices and steep competition. GM began offering up to 40% rebates on the vehicles this year.

The test comes as Rivian struggles through tariffs and the end of EV tax credits. Earlier this year, it lowered its annual delivery outlook by about 13%. As of June, Amazon said it has more than 25,000 Rivian vans across the US. Earlier this week, Rivian CEO RJ Scaringe said the company is still on track to deliver 100,000 vans to Amazon by 2030 and is “thinking about what comes beyond” that initial target.

GM has sold 1,592 BrightDrop vans through the first half of the year, more than the full-year total it sold in 2024.

Amazon Tests GM EV Delivery Vans in Bid to Meet Climate Goals

Amazon Tests GM EV Delivery Vans in Bid to Meet Climate Goals

GM debuted BrightDrop in 2021, but the vehicles have struggled to sell and piled up on GM lots due to high prices and steep competition. GM began offering up to 40% rebates on the vehicles this year.

The test comes as Rivian struggles through tariffs and the end of EV tax credits. Earlier this year, it lowered its annual delivery outlook by about 13%. As of June, Amazon said it has more than 25,000 Rivian vans across the US. Earlier this week, Rivian CEO RJ Scaringe said the company is still on track to deliver 100,000 vans to Amazon by 2030 and is “thinking about what comes beyond” that initial target.

GM has sold 1,592 BrightDrop vans through the first half of the year, more than the full-year total it sold in 2024.

Chris Stokel-Walker19h

Claire Yubin Oh

Shake Shack is launching a French onion soup... burger

The fast-casual chain will be hoping premium upsells can fatten up its profit margins.

Shake Shack French onion soup burger

business

9/11/25

Paramount Skydance reportedly preparing an Ellison-backed Warner Bros. Discovery takeover bid, sending shares soaring

Paramount Skydance is preparing a majority cash bid for Warner Bros. Discovery, The Wall Street Journal reported, sending shares of both companies surging. The Journal’s sources say the deal is backed by the Ellison family, led by David Ellison.

WBD shares were up 30% on the report, while Paramount Skydance jumped 8%.

The offer would cover WBD’s entire business — cable networks, movie studios, the whole enchilada. That comes after WBD announced plans last year to split into two divisions: one for streaming and studios, the other for its traditional cable and TV assets. A recent Wells Fargo note gave WBD a price target hike, primarily because the analysts viewed it as a prime takeover candidate.

If the deal goes through, it would bring together HBO, CNN, DC Studios, and Warner Bros.’ film library with Paramount+, Nickelodeon, and MTV, all under one umbrella.

Exclusive | Paramount Skydance Prepares Ellison-Backed Bid for Warner Bros. Discovery

Exclusive | Paramount Skydance Prepares Ellison-Backed Bid for Warner Bros. Discovery

The offer would cover WBD’s entire business — cable networks, movie studios, the whole enchilada. That comes after WBD announced plans last year to split into two divisions: one for streaming and studios, the other for its traditional cable and TV assets. A recent Wells Fargo note gave WBD a price target hike, primarily because the analysts viewed it as a prime takeover candidate.

If the deal goes through, it would bring together HBO, CNN, DC Studios, and Warner Bros.’ film library with Paramount+, Nickelodeon, and MTV, all under one umbrella.

As tariffs take root, August new vehicle prices climb by the most in more than 2 years

According to data from Cox Automotive, 17 vehicle brands raised prices of their new vehicles by more than 3% in August.

Ford Issues Recalls On Some Of Its Mach-E Mustangs And Aviators

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