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Walmart Robotics Supplier Is One Of This Year’s Biggest Wealth Losers

A grocery tycoon turned robotics guru has had $9 billion wiped off his net worth after shares of his AI-powered company crashed, making him one of the world’s biggest wealth losers this year.

Rick Cohen, 72, is the owner and executive chairman of C&S Wholesale Grocers, a food distributor founded by his grandfather. He’s turned the family business into the eighth most-valuable private company in America with an estimated value of $35 billion, per Forbes.

Cohen is also the founder and CEO of Symbotic, which makes AI-enabled warehouse robots for customers including Walmart, and went public via special-purpose acquisition vehicle in the summer of 2022.

He was worth $21.4 billion at the start of January. That would put Cohen in 94th spot on the Bloomberg Billionaires Index all else being equal.

However, his wealth has plunged by 41% to $12.6 billion this year, pushing him down to 178th place. Only six people on Bloomberg’s 500-strong list have suffered bigger hits to their wealth this year, and none rank lower than 77th on the index.

They include the world’s third-richest person, LVMH CEO Bernard Arnault (down $10.5 billion), L’Oréal heiress Françoise Bettencourt Meyers (down $9.2 billion), and Arnault’s archrival, Kering founder François Pinault (down $10.4 billion).

Read more here from Business Insider. 

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