The daily business briefing: August 9, 2016

Walmart agrees to buy e-commerce startup Jet.com, Delta cancels more flights after computer outage, and more

The Walmart logo on a shopping cart
(Image credit: Scott Olson/Getty Images)

1. Walmart acquiring Jet.com for $3 billion

Walmart is buying startup internet retailer Jet.com for $3 billion, Walmart executives disclosed on Monday. The deal marks the most ever paid for a new e-commerce company. Walmart has bought 15 startups over the last five years as it tries to make its online division more competitive with online retail giant Amazon. The acquisition of Jet.com, launched in July 2015 by entrepreneur Marc Lore, gives Walmart the startup's innovative pricing software, which Walmart plans to integrate into its own store while keeping Jet.com as a separate entity.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.