JD.com Stock Sinks as Walmart Sells Stake in China E-Commerce Firm
Walmart(WMT) Investopedia·2024-08-21 22:26
KEY TAKEAWAYSU.S.-listed shares of JD.com tumbled Wednesday as Walmart confirmed that it sold its stake in the Chinese e-commerce giant.The sale allows Walmart "to focus on our strong China operations for Walmart China and Sam's Club, and deploy capital towards other priorities."Bloomberg reported that Walmart raised about $3.6 billion in the stake sale, which marks the unwinding of an eight-year partnership. U.S.-listed shares of JD.com (JD) tumbled Wednesday as Walmart (WMT) confirmed that it sold its sta ...