Alice Walton Documentary Walmart Heiress
Alice Walton Documentary Walmart Heiress
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LifestyleTranscript
00:00 Heiress to the fortune of Walmart stores, Alice Walton is the world's second richest woman as of 2022.
00:07 Born within Bentonville, Arkansas, Alice is the only daughter of Walmart founder Sam Walton.
00:14 Welcome to The Rich Rabbit. Today we'll be talking about the life journey of Alice Walton.
00:20 After graduating from Trinity University, Alice began working at Walmart as a buyer for children's clothing.
00:29 Then she relocated to New Orleans, where she started her career as a broker at the firm that deals in stock brokerage EF Hutton.
00:38 But she wasn't very good at what she did, so she resigned from the position and became an equity analyst and a money manager at First Commerce Corporation, where she worked for a short period of time.
00:53 After having left First Commerce Corporation, she headed investment activities for the family-owned Arvest Bank Group.
01:01 Following the Securities and Exchange Commission, it was 1979 when Walton and 10 other Hutton employees were charged with excessive options trading.
01:12 While she claimed she was not in violation of laws, she agreed to the settlement to avoid lengthy litigation.
01:21 At the end of the 1980s, Alice moved back to Arkansas and set up an operation to raise cutting horses.
01:28 In the meantime, she began becoming involved in the family's business.
01:33 In 1988, she founded an investment bank named Llama Company as a subsidiary of Walton Enterprises.
01:42 The name was inspired by a llama her mother received as a present that was given to her.
01:50 Llama Company ran for 10 years before closing in 1998.
01:55 The bank wrote bonds, managed assets, as well as loans to other businesses.
02:01 As its president, chairwoman, and CEO, Alice worked with passion to boost the economy that was booming in northwest Arkansas at that time.
02:11 However, the 90s gave her two big successes.
02:16 Walton was the first person to chair the Northwest Arkansas Council,
02:21 and played a major role in the development of the Northwest Arkansas Regional Airport, which opened in 1998.
02:30 In 1998, when the Llama Company closed down, she resigned from high finance for a time to enjoy her horse.
02:38 She also ended up relocating the farm she had established into Texas within the year.
02:46 With 3,200 acres, a rocking W Ranch soon became one of the best breeders of cutting horses.
02:53 Although she mainly resided in Texas, she made sure to visit Bentonville and collect pieces of art through the 2000s.
03:02 Then, in November of 2011, she founded the Crystal Bridges Museum of American Art.
03:11 The museum was founded to celebrate American art and to educate.
03:15 The museum is unique in design and incorporates the beauty of nature to complement the nearby Crystal Bridges natural spring.
03:25 It features valuable artworks, a 50,000-volume library of art reference material, and sculpture, as well as walking trails.
03:36 Walton's love of American art has been questioned by some skeptics in the art community.
03:42 In 2005, Alice purchased Kindred Spirit by Asher Brown Durand from the New York Public Library.
03:50 The $35 million painting was created in 1849 and is an American classic.
03:57 It was donated to the library in 1849 by Julia Bryant, daughter of poet William Cullen Bryant.
04:05 Other artworks purchased by Alice for the museum include works by Winslow Homer, Charles Wilson, and Edward Harper.
04:14 Alice also purchased a collection at Sotheby's Auction that belonged to David and Rita Freed with a $20 million value.
04:23 Perhaps the most upsetting thing in Walton's life that has angered many is a series of automobile accidents,
04:32 for which Alice got off with a mere slap on the wrist.
04:36 The first crash occurred in Acapulco, Mexico in 1983. Alice drove her car off a ravine.
04:45 Two doctors sent notes to the authorities explaining that Alice has a difficulty with balance due to an earlier injury that left one leg shorter than the other.
04:57 In 1989, Alice was speeding in Fayetteville, Arkansas and hit a pedestrian.
05:02 A 50-year-old cannery worker died from her injuries. Alice was not cited or even charged for the incident.
05:10 In 1998, Alice totaled her SUV in Springdale, Arkansas, when she hit a gas meter and a phone boot.
05:18 She was charged with driving while intoxicated.
05:23 Despite blood alcohol levels six points over the legal limit, Walton was simply fined $925.
05:30 The wealth of the Walton family has caused much discontent with workers at Walmart.
05:37 Workers have called for higher than minimum wage and have protested their low pay.
05:42 In light of the fact, the Walmart family receives millions in dividends from their Walmart stock.
05:50 And this leads to feeling within much of America that they should provide better for the employees.
05:55 Walmart is the largest grocery retailer in the US and has one of the world's highest market value.
06:03 Sam Walton refused to contribute to charitable causes other than donating for education.
06:09 This caused much unrest and the Walton family gradually began donating to more charitable causes since Sam's death.
06:19 Alice is known as a philanthropist and has volunteered for many charitable causes.
06:24 The Walton Family Foundation supports K-12 education, economic development in the Northwest Arkansas regions and environmental conservation in the area.
06:35 The family foundation also started a Christian summer camp that offers over 60 types of activities for children of all economic, social and racial backgrounds.
06:47 Alice lives on a 3200 acre Texas ranch called the Rocking W Ranch.
06:53 Located in Mineral Wells, Texas, the ranch is a scenic place where Alice retreats and spends time with her family.
07:01 Despite her philanthropy and controversial issues, Alice has managed to keep her persona mostly private.
07:11 Without being too public, Alice has been able to live most of her life of privilege and wealth under the radar.
07:18 Although many have criticized her use of wealth to get out of certain situations, Alice remains a key factor in the Walton family's philanthropic ventures.
07:28 And with that, it's time for us to call it a day.
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