Brief: Walmart just spent $3b to buy an unprofitable, 2-year-old ecommerce startup

A Walmart in the US. Photo credit: Mike Mozart.

Walmart, the largest retailer in the world by revenue, has purchased online marketplace Jet.com for US$3 billion in cash and stock. It’s the largest acquisition ever of an ecommerce company. The acquisition is aimed at helping Walmart catch up with Amazon in online shopping. It only does US$14 billion in annual online sales compared to Amazon’s US$99 billion. Jet.com founder Marc Lore, who started Diapers.com and sold it to Amazon for...

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