Walmart Reaches $1 Trillion Market Value as Disney Appoints New CEO Amidst Other Business News
Walmart achieved a $1 trillion market valuation, becoming the first traditional retailer to reach this milestone, while Disney named Josh D'Amaro as its new chief executive, replacing Bob Iger. These developments occurred amidst other business news, including Netflix facing scrutiny over a proposed merger and a significant number of people missing the UK tax return deadline.
Walmart's achievement places it among a small group of companies, primarily tech firms like Nvidia and Alphabet, with valuations exceeding $1 trillion, according to BBC Business. The company's success is attributed to its booming e-commerce business, attracting price-conscious shoppers, and investments in artificial intelligence (AI). Walmart's decision to move its stock to the Nasdaq was seen as reinforcing its push to be viewed as a digital company.
Meanwhile, Disney appointed Josh D'Amaro, head of its amusement park business, as its new chief executive, BBC Business reported. D'Amaro, a 28-year veteran of the company, is scheduled to begin his new role on March 18. The decision to appoint D'Amaro reflects Disney's focus on the part of its business that has delivered the most reliable profits in recent years, as the company navigates the streaming landscape. D'Amaro's appointment concludes a succession puzzle for Disney, which Iger led for approximately two decades, with a brief interruption in 2022 when the board ousted his successor and asked Iger to return.
In other news, Netflix and Warner Bros. faced challenges defending their proposed $82 billion takeover of Warner Bros. Discovery at a US Senate hearing, according to BBC Business. Members of the Senate antitrust subcommittee, comprised of both Democrats and Republicans, raised concerns about reduced competition, potential price increases, and the future of cinemas if the merger proceeds. The deal is currently under review by the Department of Justice (DoJ).
Adding to the business news landscape, an estimated one million people missed the deadline to file their tax returns with HM Revenue and Customs (HMRC), potentially facing penalties, BBC Business reported. The UK's tax authority stated that 27,456 people filed in the final hour before the deadline for 2024-25 returns. Approximately 11.5 million submissions were made, with 475,722 people filing on the final day.
In a separate development, The Guardian highlighted the rise of prediction markets, where individuals can bet on various events. The article cited an example of someone who placed bets on Donald Trump ousting Nicolás Maduro in Venezuela, netting nearly $500,000 when the event occurred.
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