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PHILANTHROPY NEWS DIGEST
In documents filed last week with the Securities and Exchange
Commission, Walton, the eldest son of Wal-Mart founder Sam
Walton, indicated he would sell the shares, currently worth
about $112.3 million.
Wal-Mart officials declined to comment on the reason for
the sale, but pointed to a 1998 announcement that the
Walton family, through its partnership and individually,
would over time sell as many as 25 million shares to raise
money for "philanthropic purposes."
Since that announcement, the stock has split, bringing the
total to be sold to 50 million. According to documents on file
with the SEC, most of those shares have not yet been sold.
FCnote: S. Robson Walton is a director of the Walton Family Foundation, Inc. (AR), which had assets of $273,158,085 and made grants totaling $23,480,979 in the year ending 12/31/97.
Kuykendall, Kristal L. "1.9 Million Shares of Stock to Be Sold by Wal-Mart Heir." Arkansas Democrat-Gazette 11/16/99.
"Wal-Mart Chairman To Sell Shares." Associated Press 10/16/99.
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