Walmart Achieves $1 Trillion Market Value as Disney Appoints New CEO Amid Other Business News
Walmart became the first traditional retailer to reach a $1 trillion market valuation, joining a small group of companies, mostly in the tech sector, to achieve this milestone, according to BBC Business. The achievement coincided with other significant business developments, including Disney's appointment of Josh D'Amaro as its new chief executive, PepsiCo's decision to cut prices on some snack products in the US, and a report that one million people in the UK missed the tax return deadline.
Walmart's surge in market value reflects the company's successful e-commerce business and its ability to attract price-conscious shoppers. Wall Street has also responded positively to Walmart's investments in artificial intelligence (AI), according to BBC Business. The company's stock price has soared, propelling it into the elite group of companies with valuations over $1 trillion, including tech giants like Nvidia and Alphabet. Walmart's decision to move its stock from the New York Stock Exchange to the tech-heavy Nasdaq also reinforced the retailer's push to be seen as a digital company, according to BBC Business.
Meanwhile, Disney named Josh D'Amaro, the head of its amusement park business, as its new chief executive, BBC Business reported. D'Amaro, a 28-year veteran of the company, will replace current boss Bob Iger, starting in the new role on March 18. Disney turned to D'Amaro, the leader of the part of its business that has delivered the most reliable profits in recent years, as the company works to find its way in the world of streaming, according to BBC Business. The decision ends a succession puzzle for the entertainment giant, which Iger has led for roughly two decades, except for a brief interlude that ended in 2022 when the board ousted his successor and asked Iger to return.
In other business news, PepsiCo announced it would cut the prices of some of its snack products in the US, following backlash against previous price hikes and pressure in the face of appetite-suppressing GLP-1 jabs, according to BBC Business. Products including Doritos, Lays (known as Walkers in the UK) and Cheetos will be cheaper in the US from this week. The snack conglomerate said it was "listening closely to customers" who are "feeling the strain" of the rising cost of living, according to BBC Business. Food companies are also reckoning with changing consumer appetites as GLP-1 weight loss jabs such as Wegovy and Ozempic grow in popularity, leading users to eat less.
In the UK, an estimated one million people missed the deadline to file their tax return and now face penalties, according to HM Revenue and Customs (HMRC), as reported by BBC Business. The UK's tax authority said 27,456 people filed in the final hour before the cut-off for 2024-25 returns at midnight at the end of Saturday. Some 475,722 people filed on the final day out of a total of about 11.5 million submissions, according to BBC Business.
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