Walmart.com CEO Marc Lore recently sold 85,000 shares of his Walmart stock in six open market trades recorded on March 10, according to filing with the Securities and Exchange Commission on Thursday (March 12).
The total of Lore’s sales came to $9.97 million for an average share price of $117.29, though the sale price from the stock ranges from $115 on the low end and $120.59 on the high end. This cumulative sale was 3.4% of Lore’s direct share holdings on March 10. As of March 12, Lore’s direct Walmart share holdings total 2,394,718 shares with a market value of $249.17 million.
Walmart shares (NYSE: WMT) closed at $104.05, down $10.38 or $9.07% on Thursday amid the biggest one-day losses since October 1987. Walmart shares are down 12.45% year-to-date the majority of those losses (10.25%) have occurred the past five days.
Lore’s sale was $1.125 million higher on Monday than if it had taken place on Thursday. Every dollar that Walmart stock falls, Lore loses $2.3 million dollars on paper. Lore continues to grow his Walmart shares because still he receives his founder payment (3,554,093 shares of restricted stock) from the Jet.com sale in addition to his deferred executive compensation for his CEO role at Walmart.com.