Walmart bought the online marketplace Jet.com for $3.3 billion in 2016.
Walmart announced the acquisition in August 2016, describing it as a major step in strengthening its e-commerce business. The reported consideration included cash and Walmart stock, making it one of the largest acquisitions in the company’s history at that time.
Jet.com had launched in 2015 under entrepreneur Marc Lore. Its shopping model emphasized dynamic pricing and savings that could change according to factors such as basket size, shipping choices, and payment methods.
Walmart later used Jet.com’s technology and talent as part of its digital-commerce push. The acquisition is sometimes confused with Walmart’s later investments in other online brands and services. Jet.com itself was eventually shut down in 2020, while Marc Lore had become a prominent Walmart e-commerce executive before leaving the company.