JD.com (JD) tumbled early Wednesday as Walmart (WMT) said it sold its near-10% stake in the Chinese e-commerce giant.
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Walmart offered 144.5 million shares at 24.85-25.85, Bloomberg reported, citing sources, a significant discount to Tuesday’s close.
JD.com said it had bought $390 million worth of its stock at the same time, fully utilizing a $3 billion repurchase program OK’d in March.
JD.com stock in the U.S. skidded 7.3% to 26.12, off overnight lows. Shares fell 4.6% to 28.19 on Tuesday.
WMT stock rose a fraction.
Walmart was JD.com’s largest shareholder, owning 9.4% as of March 31.
The U.S. retail giant initially took a 5% stake in 2016 as JD.com took over Walmart’s Yihaodian online marketplace. Walmart upped its stake later that year.
Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.
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