In the largest-ever deal for an e-commerce startup, Walmart will pay around $3 billion for Jet.com and its pricing software.
The deal was disclosed on Monday, with Walmart paying close to $3 billion in cash and $300 million in shares, Reuters reports. Launched in July 2015, Jet.com's software offers customers lower prices as they add items to their cart. "One of the things we really like is that the customer is even more in-charge of the price that they pay," Walmart CEO Doug McMillon said Monday during a media call.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Why are Republicans suddenly panicking about DOGE?TODAY'S BIG QUESTION As Trump and Musk take a chainsaw to the federal government, a growing number of Republicans worry that the massive cuts are hitting a little too close to home
-
What is JD Vance's Net Worth?In Depth The vice president is rich. But not nearly as wealthy as his boss and many of his boss' appointees
-
How to travel in the wake of a natural disasterThe Week Recommends Stay safe while being respectful
-
Trump's China tariffs start after Canada, Mexico pausesSpeed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
-
Chinese AI chatbot's rise slams US tech stocksSpeed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
-
US port strike averted with tentative labor dealSpeed Read The strike could have shut down major ports from Texas to Maine
-
Biden expected to block Japanese bid for US SteelSpeed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
-
Judges block $25B Kroger-Albertsons mergerSpeed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
-
Rupert Murdoch loses 'Succession' court battleSpeed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
-
Bitcoin surges above $100k in post-election rallySpeed Read Investors are betting that the incoming Trump administration will embrace crypto
-
Enron mystery: 'sick joke' or serious revival?Speed Read 23 years after its bankruptcy filing, the Texas energy firm has announced its resurrection
