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World’s Richest Family Loses $11.4 Billion in Walmart Rout

  • Walton clan’s retail-based fortune has dropped 11% this year
  • Shopify CEO Tobi Lutke sheds $383 million as shares tumble
Alice, Jim and Rob Walton.
Alice, Jim and Rob Walton.Photographer: Sarah Bentham/Bloomberg  
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The Walton family fortune fell $11.4 billion on Tuesday after Walmart Inc. slashed its earnings outlook for the second time this year.

Shares of the Bentonville, Arkansas-based retailer, which is controlled by the family, tumbled 7.6% in New York trading after it said adjusted earnings per share will decline as much as 13% this year with US shoppers reining in spending on big-ticket items amid soaring consumer prices. Two months ago, the company said earnings per share would only dip about 1%, while in February, it had predicted a modest increase.