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Walmart Family Makes $ 4 Million Every Hour And $ 100 Million Every Day

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The Walton family, in control of the world’s largest retailer, Walmart, was named the richest family in the world by Bloomberg in June 2018.  The family adds $ 70,000 per minute, $ 4 million per hour and $ 100 million per day to their fortune. 

The Walton family consists of Walmart founder Sam Walton’s two sons Jim and Rob Walton and daughter Alice Walton.  It also includes Sam’s late son Jhon’s widow, Christy Walton and her son Lucas. The family owns more than 50 % of Walmart through their individual holdings as well as through holding company Walton Enterprises.  Their collective wealth makes the Walton family the richest in the world.

The Walton family inherited the majority of their fortune from Sam Walton, who founded Walmart as Walton’s Five and Dime in 1945 after borrowing money from his father in law.  Walmart then expanded massively, making Sam Walton the richest man in America at one point in his life.  Now a hugely successful retail corporation, Walmart operates a chain of discount department stores and grocery stores.  The Company has over 11,000 stores in 27 countries and employs over 2.2 million associates worldwide. Based on its annual revenue of $ 514.14 billion, Walmart is considered to be the world’s largest corporation. 

Walmart made news in India after it struck a deal to acquire the Indian ecommerce company Flipkart in 2018.  Walmart acquired 77 % of the Company’s stake from Flipkart co founder Binny Bansal by investing $ 16 billion.

Since the ranking of the Waltons as the world’s richest family in June 2018, their wealth increased by $ 39 billion, making their net worth shoot up to $ 191 billion.

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Startup News

Women Startup Summit – Ecosystem For Women Entrepreneurs In India To Be Promoted

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The Women Startup Summit was held recently in Kochi and was hosted by Kerala Startup Mission (KSUM,) in association with the Indian Women Network, under the Confederation of Indian Industries.  The summit brought together various women entrepreneurs and women leaders from different parts of India, who shared their experiences and stories with a crowd of students and aspiring entrepreneurs.

The main topic of the day long summit was to tackle the problems which restrict the women of Kerala from entering the field of entrepreneurship.  The topic was discussed by the speakers of the summit, which included Kerala State Planning Board member Dr. Mridul Eapen and Kerala IT Secretary M. Sivasankar.  Mr. Sivasankar listed the three main reasons which stop the women of the State from venturing into the business sector.

 

The first of the three reasons he stated was “social barriers,” such as girl students not being able to put in more study hours at their school or college because of strict hostel rules imposed for their safety.  The second reason cited by Sivasankar was the increased need for experienced woman with professional experience of 5 to 10 years heading “brown startups.” The third reason mentioned was the lack of women coordinators at the KSUM Innovation and Entrepreneurship Development Centres. 

 

Dr. Mridula Eapen said the lack of awareness among the women of Kerala about their potential may be a factor in less women opting for a career in the field of entrepreneurship.  She stated in her inaugural speech, “The proposals and points emerging in a meet like this will have their resonance in the policy making decisions of the board. The summit is definitely a strong step towards women empowerment.” 

 

The meet also hosted the “She Loves Tech 2019 Global Startup Competition,” with Dr. Nusrat Sanghamitra of CyCa OncoSolutions winning the competition.

 

Despite having a high literacy rate only few women from Kerala are willing to venture into the field of startup.  Kerala Government organized the Women Startup Summit in an effort to eliminate this problem and encourage the women of Kerala to participate more in the startup industry.

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#BoycottZomato and #BoycottUberEats Trend On Twitter

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Zomato and its founder Deepinder Goyal’s reply to one Zomato user’s ridiculous demand and Zomato’s rival Uber Eats supporting Zomato’s decision after the incident has divided people on the internet.  Both the Companies attracted angry reactions from some rightwinged Twitter users, with demands to boycott both the food delivery services and #BoycottZomato and #BoycottUberEats trending on Twitter. 

 

The controversy happened after a Zomato customer took to Twitter to express his anger about getting a “non Hindu” delivery executive.  He further added the Company refused to change the delivery executive delivering his food as well as refused a refund for his cancellation.  Zomato responded to his tweet by stating, “Food doesn’t have a religion. It is a religion.”

 

Many right wing handles on Twitter backed the customer.  However, Zomato and its founder’s replies to the customer’s tweet has been winning hearts on the social media platform as well.

 

Uber Eats, which is the food handling unit of Uber, came in support of its rival, Zomato, with a tweet which read, “[email protected], we stand by you (sic.)”

 

Post the incident and the support Uber Eats extended to Zomato, many people expressed their anger by sharing videos and screenshots wherein they uninstalled the food delivery apps from their phones.

 

Apart from Uber Eats, there has been support pouring for Zomato from people all over India, including from celebrities like former Chief Minister (CM) of Jammu and Kashmir Omar Abdullah and Bollywood actresses Swara Bhaskar, Gauhar Khan and Richa Chadda.  These celebrities tweeted in support of Zomato.

 

The customer whose tweets triggered the controversy deactivated his Twitter handle after the situation blew up.

 

What are your thoughts about the entire situation?  Comment below and let us know.

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Bernard Arnault Replaces Bill Gates As Second Richest Man In The World

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According to a report released by Bloomberg, Bill Gates, the co founder of Microsoft, was replaced as the world’s second richest person by Bernard Arnault, the Chairman of LVMH.  Bill Gates was ranked as the 2nd richest person in Bloomberg’s Billionaires Index for the last 7 years. However, he was replaced by Arnault after the French businessman added $ 39 billion in 2019 to his wealth, pushing his net worth to $ 108 billion.

 

Arnault, aged 70, joined world’s most exclusive wealth club after Jeff Bezos and Bill Gates, when his fortune surpassed the $ 100 billion mark for the first time in June 2019.  As the chairman and CEO of the luxury goods maker LVMH, most of Arnault’s wealth comes from his holdings in Louis Vuitton and Christian Dior.  He holds a 97 % stake in Christian Dior. Apart from Louis Vuitton, Bernard also oversees 70 other luxury good companies like Givenchy, Marc Jacobs, Sephora and Fendi, to name a few. 

 

Arnault and his family are among the list of luxury titans who pledged more than $ 650 million for the reconstruction of the Notre Dame Cathedral, which was destroyed by a massive fire in April 2019.

 

Bill Gates, with a net worth of $ 107 billion, lost the title of being the world’s second richest man because of his philanthropic work.  Gates donated over $ 35 billion to the Bill and Melinda Gates Foundation, founded in 2000 by him and his wife Melinda Gates.  The primary focus of the Foundation is to enhance healthcare and reduce extreme poverty. Amazon’s Bezos’ net worth was up slightly this year to $ 125 billion, despite his divorce settlement with his former wife MacKenzie Bezos, which saw MacKenzie keep 4% stake in his multinational technology company.  This made MacKenzie Bezos the 4th richest woman in the world.

 

Declared the richest man in Europe, Bernard Arnault has been climbing the ladder to success continuously.  His $ 39 billion addition to his wealth in 2019 alone, according to Bloomberg, is the biggest individual gain among the 500 people it ranks. 

 

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