- The Walton family's net worth fell by $11.4 billion after Walmart cut its outlook, per Bloomberg.
- Five members of the Walton family own just under half of Walmart.
The world's richest family lost $11.4 billion on Tuesday after Walmart cut its earnings outlook.
Walmart fell 7.6% in after-hours trading in New York on Tuesday after the company said earnings per share will drop by as much as 13%, Bloomberg reported.
The Walton family owns just under half of the retail giant founded by Sam Walton and the family has a combined net worth of almost $200 billion, according to the Bloomberg Billionaires Index.
Sam Walton's three children Alice, Jim, and Rob, his daughter-in-law Christy, and her son Lukas now have the biggest stakes in Walmart.
The company was more optimistic about profits in February when it predicted a modest increase. Just two months ago Walmart said earnings per share would only fall by about 1%, Bloomberg reported.
Now the retailer is seeing the effects of soaring inflation as rising prices cause shoppers to reduce spending on more expensive items.
Representatives for Walmart and the Walton family did not immediately respond to Insider's request for comment.
It is the second time the family's fortune has suffered this year. In May the Waltons lost $19 billion after Walmart shares plunged by 11.4% in their biggest one-day fall for almost 35 years, Insider reported.
In May, Brett Biggs, the chief financial officer, blamed Walmart's financial struggles on a combination of inflation affecting shopping habits, high fuel prices, inventory issues, and overstaffing, per CNBC.