After Walmart slashes its earnings outlook, the Walton family's wealth declines by $12.9 billion.

According to Bloomberg, the Walton family fortune dropped $12.9 billion on Tuesday as a result of Walmart Inc. cutting its earnings forecast for the second time this year.

Shares of the family-owned retailer with headquarters in Bentonville, Arkansas, dropped as high as 9.1% in New York trade after it predicted that adjusted profits per share...

may fall as much as 13% this year as US consumers cut in spending on expensive things due to rising consumer prices.

The corporation expected that profits per share would only decrease by around 1% two months ago, compared to its February prediction of a little gain.

Sam Walton, the late patriarch of the family, founded the company with a focus on discounts, which has in the past supported its shares through economic downturns.

According to Bloomberg, Walmart revised its projection due to the expense of lowering inventory inventories that customers were becoming less willing to purchase as inflation reached a four-decade high.

Just under half of the retailer is owned by Alice, Jim, Rob, Christy, the daughter-in-law of Rob Walton, and Lukas, the son of Christy.

According to the Bloomberg Billionaires Index, this gives them a total net worth of around $198 billion, down 11% since the start of the year.