Three heirs to the Walmart fortune have donated Walmart shares worth an estimated $407 million to a family trust, Fortune reports.
According to year-end regulatory filings, Alice Walton, the daughter of Walmart founder Sam Walton, donated 3.7 million shares to the Walton Family Holdings Trust, while her brothers Jim and Rob Walton — until last year the company's chairman — each donated 1.5 million shares. The contributions are part of a previously announced effort by the Walton family to pare its stake in Walmart by distributing approximately 6 percent of the shares owned by the family's holding company, Walton Enterprises — or some 193.5 million shares, worth an estimated $15.6 billion — to the trust. Established last April, the trust will sell the shares over time.
According to Forbes' 2015 list of the wealthiest Americans, Alice, Jim, and Rob Walton each have a net worth of more than $30 billion.