Sen. Bernie Sanders (I-Vt.) criticized Walmart Inc (NASDAQ:WMT) on Thursday over its stock buybacks and employee wages, while taking aim at the wealth of the retailer’s founding Walton family.
In a post on X, Sanders said Walmart has spent $37.6 billion on stock buybacks since 2020, an amount he said would have been enough to give each of the company’s workers a $23,550 bonus.
Sanders also claimed that Walmart pays wages low enough that many employees rely on taxpayer-funded Medicaid and Supplemental Nutrition Assistance Program benefits. He described the Walton family, which he said is worth $485 billion, as the “real welfare queen.”
Walmart Authorized $30B Buyback
Walmart in February approved a new $30 billion share repurchase program and raised its annual dividend by 5% to 99 cents per share, marking its 53rd consecutive year of dividend increases.
The retailer also said U.S. corporate employees would receive 121% of their eligible bonuses, above the 100% target and close to the previous year’s 122% payout, Bloomberg reported at the time, citing a company memo.
Walmart reported $713.2 billion in revenue for its latest fiscal year, up 4.7% year over year. The company’s market capitalization also crossed $1 trillion for the first time in February.
Sanders Keeps Focus on Wealth Gap
Sanders has repeatedly highlighted financial pressure facing working Americans. In June, he said roughly 60% of Americans were living “paycheck to paycheck,” arguing that many families were struggling to afford basic expenses despite the nation’s record wealth.
Earlier this month, Sanders also pointed to a Wall Street Journal-NORC survey showing that 75% of Americans believe billionaires have too much power in Washington while working people have too little influence. The survey also found that 52% of respondents believed businesses wield power at the expense of workers and consumers and said the government should do more to limit that influence.
Price Action: Walmart shares were down 0.85% at $108.40 at Thursday’s close. The stock was up 0.28% at $108.70 in premarket trading on Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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