'Walmart' Major Shareholder Family Sells Off Billions in Shares

The Walton Family Holdings Trust sold millions of common shares of Walmart Inc. (WMT) on the open market on May 22, 26, 27 and 28, disposing of stakes worth hundreds of millions of dollars—approximately $191 million, $63.6 million, and smaller tranches reported as roughly KRW 260 billion, KRW 86 billion, KRW 41 billion and KRW 33 billion, respectively. On May 26, about 1.55 million shares were also book-transferred at no cost to trust beneficiaries, and after these transactions the trust’s direct holdings fell from about 512.9 million shares to roughly 503.8 million. On May 28, CEO C. Douglas McMillon sold approximately 19,000 shares under a pre-established Rule 10b5-1 plan, raising about $2.3 million (around KRW 3 billion) in cash, yet he still retains about 4.17 million shares directly, plus indirect holdings through various family and trust accounts.

At its recent annual meeting, Walmart saw governance issues come to the fore as shareholder proposals on artificial intelligence and employee safety were rejected, while all board resolutions were approved. In the first quarter, even though the company posted roughly $177.8 billion in revenue and achieved double-digit profit growth—driven by its advertising, e-commerce and membership businesses—the stock remained volatile amid conservative guidance and concerns over slowing consumer spending.

Headquartered in Arkansas, Walmart is the world’s largest retailer, operating supercenters, discount stores and grocery outlets across the U.S. and 19 other countries. In fiscal 2026, it generated about $713 billion in revenue (approximately KRW 930 trillion). The Walton family—descendants of founder Sam Walton—remains the largest shareholder, holding a significant long-term stake through family accounts and trusts.