business

Yiwen Lu8/21/24

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.

More Business

See all Business

business

Max Knoblauch2h

Paramount reportedly offers concessions to resolve multistate antitrust investigation

Paramount has reportedly offered up some concessions in an effort to prevent an antitrust lawsuit by California and about 10 other states, according to Bloomberg reporting on Monday.

Reuters first reported on the potential suit from a group of unnamed states last week, which could throw a wrench in Paramount’s plans to buy rival Warner Bros. Discovery in a Hollywood megamerger.

The list of concessions is unknown, though Bloomberg previously reported that Paramount is open to divesting some of its kids TV assets to appease EU regulators.

Late last month, reports said US regulators appeared likely to approve the $110 billion merger, following a meeting between Paramount CEO David Ellison and DOJ antitrust staffers.

Paramount Offers Concessions to Head Off State Antitrust Lawsuit

Paramount Offers Concessions to Head Off State Antitrust Lawsuit

The list of concessions is unknown, though Bloomberg previously reported that Paramount is open to divesting some of its kids TV assets to appease EU regulators.

Late last month, reports said US regulators appeared likely to approve the $110 billion merger, following a meeting between Paramount CEO David Ellison and DOJ antitrust staffers.

Max Knoblauch9h

The IATA released its latest financial outlook for the airline industry over the weekend, forecasting a $98 billion jump in the sector’s collective fuel bill. The world’s largest trade group representing airlines expects the oil spike to halve profits by 49% from last year to $23 billion.

The group also expects profit margins to halve year over year, falling from 2025’s 4.2% to 2%. Still, revenue is expected to climb to $1.17 trillion from $1.07 trillion.

A surge in the cost of jet fuel has rocked US and global airlines this year, leading Delta Air Lines, United Airlines, American Airlines, Southwest Airlines, JetBlue, and others to raise fares and ancillary charges like bag fees. Low-cost carriers, which operate on smaller margins, have been squeezed the hardest, resulting in Spirit’s shutdown.

“It’s a tough year for all airlines, especially those whose balance sheets had not yet recovered from COVID. And, of course, for those operating in the Gulf,” said IATA Director General Willie Walsh, who added that demand is holding up and about half of passengers expect to spend more on travel this year. “That bodes well for a strong northern summer peak season. The big unknown is how long travelers and shippers can tolerate the higher costs of connectivity.”

Hollywood Exteriors And Landmarks - 2025

1 year into the Switch 2, we might’ve seen the top of the console market

The Switch 2 launched on this day in 2025. Amid a rough year for consoles, Nintendo has logged a good one.

Max Knoblauch6/5/26

business

Max Knoblauch6/4/26

GM has reportedly rehired more than 100 former Cruise employees, 18 months after shuttering the robotaxi unit

GM has rehired more than 100 employees it let go early last year when it shuttered Cruise, its former robotaxi business, according to reporting by The Information.

The hiring spree, which also includes employees from Nvidia and Uber, is geared toward ramping up GM’s plans for personal-use self-driving vehicles and not robotaxis. The former had been the focus of Cruise, prior to GM shuttering it in 2024.

Reporting last fall revealed that GM was attempting to rehire some former Cruise employees, but the scope of that effort wasn’t clear. More than 1,000 employees were laid off when the automaker scrapped Cruise, which it invested $10 billion into.

Google’s Waymo, Cruise’s former chief rival, is now worth $126 billion after a $16 billion funding round earlier this year. The company says it’s serving 500,000 paid robotaxi rides per week in the US.

Exclusive: With Some 100 Rehired Cruise Employees, GM Pursues Eyes-Off Autonomous Cars

Exclusive: With Some 100 Rehired Cruise Employees, GM Pursues Eyes-Off Autonomous Cars

Reporting last fall revealed that GM was attempting to rehire some former Cruise employees, but the scope of that effort wasn’t clear. More than 1,000 employees were laid off when the automaker scrapped Cruise, which it invested $10 billion into.

Google’s Waymo, Cruise’s former chief rival, is now worth $126 billion after a $16 billion funding round earlier this year. The company says it’s serving 500,000 paid robotaxi rides per week in the US.

Claire Yubin Oh

How Victoria’s Secret finally managed to get its sexy back

After years of struggle, Victoria’s Secret shares have been hitting new highs this week.

Victoria's Secret Fashion Show 2025 - Runway

Latest Stories

Sherwood Media, LLC and Chartr Limited produce fresh and unique perspectives on topical financial news and are fully owned subsidiaries of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate, including Robinhood Markets, Inc., Robinhood Financial LLC, Robinhood Securities, LLC, Robinhood Crypto, LLC, Robinhood Money, LLC, Robinhood U.K. Ltd, Robinhood Derivatives, LLC, Robinhood Gold, LLC, Robinhood Asset Management, LLC, Robinhood Credit, Inc., Robinhood Ventures DE, LLC and, where applicable, its managed investment vehicles.

©2026 Sherwood Media, LLC