Walmart U.S. eCommerce CEO Marc Lore continues to sell his Walmart stock holdings. On May 7, Lore liquidated another 85,000 shares of his personal Walmart shares for a total of $10.369 million.
This is the third time Lore has sold 85,000 shares of his personal holdings since mid-March. The three transactions in the May 7 sale netted Lore an average price of $121.99 per share.
Lore has cashed out $30.708 million of Walmart stock since March 10. His cumulative personal Walmart holdings totaled 2,198,322 shares after the sale on May 7, which have a market value of $270.261 million. The bulk of Lore’s Walmart shares stem from payment of his interest in Jet.com which Walmart acquired for $3.3 billion in August 2016. To receive full payment Lore must remain employed with Walmart for five years, which will end in August 2021.
During Lore’s tenure, Walmart has pivoted several times with regard to its online growth strategy. First acquiring several online businesses and running Jet.com separately with plans to expand in larger metro areas. In the past 18 months, Walmart has sold some of its online acquisitions, downsized Jet.com and merged that leadership and back-office work into Walmart.com.
Jet.com’s future remains cloudy as Walmart has pulled marketing dollars and said it will focus on growing Walmart.com for the time being.