Written by George Anderson
When Walmart acquired Jet.com for $3 billion-plus in 2016, the move raised some eyebrows. Why would the world’s largest retailer invest that amount of cash in an Amazon.com-like startup when it looked like it could take years to reach profitability, if ever? Now that Walmart has announced that it is closing Jet.com after less than four years, the question is whether the deal was worth it.
In a CNBC interview, Walmart CEO Doug McMillon said with 20/20 hindsight, he would do the Jet deal “all over again” adding “If you look at the trajectory of our business, it changed when we made that acquisition.”
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