The Walmart heirs' combined net worth is over $293 billion, according to Bloomberg.
In public, the Waltons live relatively modest lifestyles despite their wealth.
Here's how they spend their fortune.
The combined wealth of the Walmart heirs — which includes founder Sam Walton's children, Rob, Jim, and Alice, as well as his grandson Lukas — is more than $293 billion, according to the Bloomberg Billionaires Index.
While some have worked in the family business — whether that's serving on the company board or working to manage the family's wealth — others chose to pursue areas of personal passion.
Sam Walton, the original man behind the company that now encompasses both Walmart and Sam's Club, set his family up for financial success when he divided the ownership before he died.
He wasn't a man of flashy luxury, but you can see how his children are living a slightly more lavish life now. Here's a look at how the Walton family empire spends its money:
Sam Walton opened the first Walmart store in Rogers, Arkansas, in 1962.
The original Wal-Mart name tag used to look like this one, worn here by Sam Walton.
Associated Press
He married Helen Robson on Valentine's Day in 1942.
Sam and Helen had a Valentine's Day wedding.
April L. Brown/Associated Press
Together, they had four children: Rob, John, Jim, and Alice.
By the time Sam died in 1992, he had set up the company ownership in a way that minimized the estate taxes anyone on the receiving end would have to pay.
He set up his ownership of Walmart's stock in a family partnership — each of his children held 20% of Walton Enterprises, while he and Helen each held 10%. Helen inherited Sam's 10% tax-free when he died.
The stocks were carefully divided among the family.
John served in Vietnam as a Green Beret. When he returned from the war he held a series of jobs — like the Walmart company pilot, a crop duster, and the owner a few yachting companies — before becoming a Walmart board member.
John (second from left) pictured with members of his family.
In 2013, Christy decided to sell their Jackson Hole mansion. She also sold the family's ranch for an undisclosed price in 2016 after listing it for $100 million in 2011.
The family had a mansion in Jackson Hole, Wyoming.
James "Jim" Walton is the youngest son of Walmart founder Sam Walton. He is 75 years old.
Jim Walton is now 75 years old.
Walmart
He is chairman of the board of the family's Arvest Bank Group. One of the state's largest banks today, Arvest Bank has assets totaling more than $27 billion.
One of many Arvest Bank locations in Bentonville, Arkansas.
He also served on the Walmart board, starting in 2005 to fill the vacancy after his brother John died. Jim Walton's son, Steuart, took over his father's seat on the board in 2016.
Jim served on the board for more than a decade.
Rick T. Wilking/Stringer/Getty Images
Now, he presides over Walton Enterprises — the private company that deals with the investments and finances of the Walton family only — from modest offices in Bentonville, Arkansas.
The youngest of founder Sam Walton's children, Alice Walton is worth $86.3 billion, according to Bloomberg. She has been divorced twice and has no children. She is 74 years old.
Alice Walton is the youngest of Walmart founder Sam Walton's children.
AP/April L. Brown
Alice has never taken an active role in running the family business.
Alice Walton with Jim Walton in 2013.
REUTERS/Rick Wilking
Instead, she became a patron of the arts, which she fell in love with at a young age.
Alice has spent millions building her art collection.
D Dipasupil/Getty Images
When she was 10, she bought her first work of art: a reproduction of Picasso's "Blue Nude" for about $2, she told The New Yorker.
She has an immense private art collection, with original works from Andy Warhol and Georgia O'Keeffe. Alice opened a museum in Bentonville called Crystal Bridges in 2011 to house her $500 million private art collection.
The museum displays both paintings and sculptures, like this one by Alexander Calder (center).
Danny Johnston/Associated Press
When it opened, Crystal Bridges had four times the endowment of the famous Whitney Museum in New York.
The collection includes a Georgia O'Keeffe painting that Alice spent $44.4 million on in 2014 — the biggest sale for a woman's piece of art in history.
Her Millsap, Texas, property, Rocking W Ranch, sold to the Three Amigos Investment Group of Kermit, Texas, in September 2017 for an undisclosed amount.
It had an initial asking price of $19.75 million, which was reduced to $16.5 million. The working ranch had over 250 acres of pasture and outbuildings for cattle and horses.
In January 2016, Alice donated 3.7 million of her Walmart shares — worth about $225 million at the time — to the family's nonprofit, the Walton Family Foundation.
The Walton Family Foundation website.
Facebook/Walton Family Foundation
Sam and Helen started the foundation as a way to teach their children how to give back and how to work together.
The Walton Family Foundation was established in 1987, when Walmart celebrated its 25th anniversary.
Walton Family Foundation/YouTube
The charity awards millions of dollars in grants to causes that align with the foundation's values.
Alice Walton.
Walton Family Foundation/YouTube
The foundation awarded $566.5 million in grants in 2022, according to its website.
The foundation has three main areas of focus:
A project put on by the Walton Family Foundation.
Walton Family Foundation/YouTube
The foundation's focus on education was led by John. His brother Jim said John was really interested in being able to give parents choices when it came to their child's schooling.
The foundation was dedicated to supporting children's education.
Rob spearheaded the foundation's venture into environmental protection. One of the first grants they gave helped develop a sustainable fisheries label.
Rob launched the environmental and sustainability branch of the foundation.
A commitment to the family's home of Arkansas is another large part of the foundation. The website says this area of focus is about "advancing our home region of Northwest Arkansas and the Arkansas-Mississippi Delta."
Walmart Inc., which owns Walmart and Sam's Club, is the largest retailer in the US in terms of revenue.
The storefront of a Walmart.
Business Insider/Jessica Tyler
In fiscal year 2023, Walmart reported $648.1 billion in revenue.
When Walmart has a good quarter, the Waltons make hundreds of millions of dollars in dividends.
The Walton siblings.
AP/April L. Brown
Even though the Walton family is raking in billions as a result of the company's success, they remain relatively under-the-radar in terms of flashing their wealth — much like their patriarch, Sam, did in the early years.
Two shark bite incidents in Florida on Friday occurred within 90 minutes of each other.
The attacks left two people in a severe condition and a third in a stable condition.
Florida has consistently topped global rankings for the number of shark bites.
Two shark bite incidents just 90 minutes apart at two separate beaches on Florida's Gulf coast, left three people injured on Friday.
Two people are in a critical condition, and a third is in a stable condition, South Walton Fire District Fire Chief Ryan Crawford said at a news conference.
The first incident left a 45-year-old female with "significant trauma to the midsection and pelvic area as well as amputation of the left lower arm," said Crawford. The woman, who had been swimming just past the first sandbar with her husband, was airlifted to a local hospital for treatment, he said.
The second attack involved two girls, 15-17 years old, who had been swimming with friends just inside the first sandbar in waist-deep water. One victim received "significant injuries to one upper and one lower extremity," and the other had "flesh wounds on her foot," said Crawford.
While the risk of being attacked by a shark is extremely low, Florida, famous for its beaches and all-year-round sunshine, has consistently topped global charts for the number of shark bites.
New Smyrna Beach.
Walt Harden / 500px/Getty Images
According to a comprehensive database of all known shark attacks compiled by staff at Florida's Museum of Natural History, in 2023, there were 69 unprovoked shark bites on humans and 22 provoked bites worldwide.
Florida's 16 cases in 2023 represent 44% of the US total and 23% of unprovoked bites worldwide.
Volusia County on Florida's east coast — which includes the renowned Daytona Beach and New Smyrna Beach — has been dubbed the "shark bite capital of the world," with 343 recorded shark bites from 1882-2023.
A bull shark swimming on a sandy bottom of the Caribbean Sea.
Alexis Rosenfeld/Getty Images
In an interview with Business Insider last year, Gavin Naylor, the director of The Florida Program of Shark Research, said in an email that a combination of factors off the coast of Volusia increased the likelihood of a shark attack.
They included a high density of mullet and menhaden baitfish and a lot of good waves for surfing. The churning water resulted in poor visibility for sharks, which, on rare occasions, bite at arms and legs "dangling off" surfboards by mistake as they chase their natural prey in the murky water, said Naylor.
Blacktip and bull sharks are responsible for most of the attacks in Florida.
It's a trend experts say will drag on the economy and could take years to fix, mainly because men have already been dropping out of the workforce for decades.
According to Carol Graham, a senior fellow of economic studies at the Brookings Institute, the labor force participation rate of prime working-age men has been declining over the last twenty years. Today, 11% of men aged 25-54 don't have a job and aren't looking for one, more than triple the percentage recorded in 1955, when just 3% were out of the workforce, according to data from the Bureau of Labor Statistics.
That amounts to around 7.2 million prime working-age men who aren't working. That's introduced a host of problems for the economy, leaving key industries understaffed, and adding to the strain on government services and social safety nets, Graham and other experts told Business Insider.
"Some of them drop out [of college] and are just sort of forlorn and have no purpose or meaning in life. They're not very likely to be married. They're very likely to be living in their parent's basement," Graham said. "They're lonely, they're isolated."
The economic burden can also compound through generations, she added, given that men who have exited the workforce tend to be lower-income and are more likely to report mental and physical health problems, which impact their children's ability to build wealth.
Zack Mabel, a research professor at Georgetown University, theorizes that falling labor force participation among young men could impact the economy for at least several decades.
"At this point, it's a long trend over the course of multiple decades that does not appear to be improving, and could have real long-term consequences," he said.
Straining the economy
The economy appears to already be feeling the decline in male workforce participation. Despite a small post-pandemic rebound, US GDP per employee fell 1% in 2022, the first decline seen since the World Bank began recording productivity data over 30 years ago.
The overall labor force participation rate, meanwhile, has slumped to 62%. Besides the years following the pandemic, US workforce participation rate hasn't been that low since the 70s, World Bank data shows.
The trend could weigh on key industries, like infrastructure and manufacturing, where women are often less likely to seek work due to social stigma, Mabel said. That means it could be hard for those industries to find workers, which is a big problem considering the need for labor in growing areas like semiconductors, he added.
"In a situation where you have millions of men … foregoing college, and as a result are less productive and less able to hold onto a stable job, yes, that certainly would raise concerns our national productivity would suffer as a result," Mabel said.
And while the housing market may be booming now, it is also possible that men leaving the labor force will weigh on that market as well. Meredith Whitney, a longtime Wall Street forecaster, predicts home prices could drop as much as 30% over a period of years thanks to men working less, being less interested in starting families, and being more likely to live with their parents.
Those trends all weigh on household formation, which is the most important factor in determining home prices over the long term, Whitney said.
"This is such a seismic shift in the social structure," she told BI. "It's hard to say how long it lasts."
Government benefits are also hugely taxed by men who are not in the workforce.
Men who have dropped out of the workforce, for one, are significantly more likely to suffer from opioid addiction, Graham said. 44% of men who were out of the workforce said they needed to take pain medication — more than double the portion recorded in employed men, where just 20% took pain meds, a separate Brookings study found.
57% of men not looking for work said they had a physical, mental, or behavioral reason, according to a survey conducted by BPC-Artemis.
11% of men who have exited the labor force rely entirely on government welfare programs for income, according to Brookings data.
"They cost the health system. They go to the emergency room and they're sick, they're not going to be able to pay the bills," Graham said. "That's coming out of somewhere."
The welfare burden is exacerbated by the fact that unemployed men aren't contributing to benefit programs such as through Social Security taxes.
"Potentially, more and more people would benefit and depend on resources that we don't actually have the means to provide … And that then would really present itself as a huge societal conundrum," Mabel warned.
There's no clear answer for how to get young men back into the workforce. The causes appear to be multifold — disabilities, incarceration, and wages not being enticing enough, to name a few —but possible solutions could lie in helping train men for the jobs that are available, according to Graham, or finding ways to give young men role models, such as by hiring more male teachers, Mabel said.
"There's clearly an economic cost for more than one generation if the trends continue," Graham told BI. "There are lots of ways it costs society in addition to their individual human lives."
Sukhoi Su-57 fighter jets perform at the MAKS 2019 air show in Zhukovsky, outside Moscow, Russia, August 27, 2019.
Sputnik/Aleksey Nikolskyi/Kremlin via REUTERS
Ukraine claims to have struck an advanced Russian Su-57 stealth fighter jet.
Ukraine says the aircraft was targeted at an airfield 360 miles from the front line.
Ukraine has intensified attacks deep inside Russia in recent weeks.
Ukraine hit a prized Russian Su-57 fighter jet stationed deep inside Russian territory for the first time, Ukraine's main intelligence directorate (GUR) reported Sunday morning.
Ukraine says the aircraft was damaged following a strike on the Akhtubinsk airfield in the Astrakhan region in southern Russia, 360 miles from the front line.
Satellite imagery provided by Ukraine's military intelligence appears to show the aircraft standing intact on June 7 and damaged on June 8.
Satellite images appear to show a Russian Su-57 damaged by Ukraine
Main Intelligence Directorate of Ukraine
Ukraine's military intelligence said the Su-57 is Moscow's "most modern fighter, which can attack with Kh-59 and Kh-69 missiles."
A pro-Kremlin Telegram channel, Fighterbomber, often used as a source to confirm Russian military losses in lieu of official confirmation from Moscow, reported that there was shrapnel damage to a Su-57. "Whether [the bomber] can be restored or not is currently being determined," the channel wrote.
Unlike Russia's Su-25 and Su-35 aircraft, Moscow's fifth-generation Su-57 fighters have not been widely used since Russia invaded Ukraine in February 2022.
"The defeat of the Su-57 is the first such case in history," Ukraine's military intelligence said.
David Axe, a military correspondent, and blogger, wrote in an article for Forbes that if confirmed, the loss of the Su-57 "would represent only the second stealth warplane any country has lost in combat in the four decades since the US Air Force deployed the very firststealth plane—the Lockheed Martin F-117."
In 1999, a Serbian air defense battery shot down an F-117 as it was flying a NATO mission in the Kosovo war, Axe wrote.
Russia is stepping up its attacks deep inside Russian territory
In recent weeks, Ukraine appears to be increasing the range of its strikes into Russia's hinterland.
On Saturday, just a day before news of the Su-57 was made public, a video surfaced across open source intelligence channels appearing to show a Ukrainian long-range attack drone diving toward Mozdok air base in Russia's southern region of North Ossetia, 450 miles from the front line in eastern Ukraine.
It is not known if the drone caused any military damage, but in April, satellite imagery revealed that the base was home to 6 Tu-22M bombers, 4 Su-24M/MR strike aircraft, and 20 military helicopters.
Mick Ryan, a retired Australian army general, wrote on Substack earlier this year that such attacks deep inside Russian territory will "force a Russian reassessment of their air defense resources as well as having to redeploy these assets further from where they are most needed."
Axe said on Sunday: "Russia's air defenses are spread so thin by Ukraine's escalating drone campaign that they can't protect all of the Kremlin's most valuable assets."
The last major attack on Russian warplanes came on May 17 when Ukraine hit the Balbek Airfield in occupied Crimea. The attack damaged three planes stationed there: one Su-27 and two MiG-31s.
Some Americans may not vote in November despite the high stakes of this year's election.
Luke Hales and Kevin Dietsch/Getty Images
Trump and Biden are set for a rematch this fall, and the stakes couldn't be higher.
Yet some voters are likely to sit out the election for a variety of reasons.
They include anger over the war in Gaza and an unhappiness with both choices.
President Joe Biden and former President Donald Trump are set for a rematch this November — and most Americans aren't happy about it.
An April survey from the Pew Research Center found that 49% of voters would replace both candidates if they could. Poll after poll has shown that the race is essentially tied at the national level.
The stakes of the election couldn't be higher. Voters face a choice between a continuation of the status quo — and perhaps a more aggressive slate of progressive reforms, if Democrats regain control of both chambers of Congress — and a radically different vision for America that could bring mass deportations and fewer restraints on executive power. Some believe that American democracy itself is at stake.
Yet plenty of voters are likely to choose neither candidate in November, either casting protest votes for third-party candidates or staying out home altogether.
Voter apathy and non-voting are very common
We've never had an election where voter turnout is 100%.
In the last six elections since 2000, between one-third to one-half of eligible voters have failed to cast ballots, either because they chose not to do so, forgot to do so, or were prevented from doing so for some other reason.
It's difficult to make generalizations around why some Americans don't vote, but there are some broad theories that could apply. One theory posited by the 2017 book "The American Nonvoter" is that a sense of uncertainty, especially driven by a national crisis such as a pandemic, plays a key role in motivating less engaged people to vote.
This year's election presents a scenario that's relatively rare: Both Biden and Trump have been president, they have both been fairly unpopular, and everyone knows who they are.
More importantly, almost every voter — aside from the most recent immigrants — has a sense of what life in America is like when one or the other is in office.
While a Trump versus Biden presidency has massive implications writ large, some Americans may not feel especially impacted in their day-to-day lives by who sits in the Oval Office.
Some are intentionally sitting out over the war in Gaza
Aside from pre-existing reasons of voter apathy, some voters are intentionally planning to stay home out of protest.
The single biggest driver of such protests this year are left-wing voters who would otherwise support President Joe Biden but wish to protest his support for Israel's war in Gaza, which has killed over 35,0000 people and led to dire humanitarian conditions.
In the Democratic presidential primaries this year, hundreds of thousands of voters have cast "uncommitted" ballots to signal their displeasure.
Depending on whether a cease-fire agreement is reached before the election, those voters could sit out November, at least at the presidential level. And more radical groups like "Abandon Biden" are already pushing for voters to do that, regardless of what happens between now and then.
These voters, many of whom are Arab or Muslim Americans, say that they know what a Trump victory would mean for them. The former president has long made Muslims a scapegoat for his brand of politics, and he has vaguely pledged to expand upon the so-called "Muslim ban" that he enacted when he was president.
L: Civil defense teams and locals investigate the rubble after Israeli attacks on Nuseirat camp in Deir al Balah, Gaza on June 08, 2024.
R: Noa Argamani embraces her father after Israeli forces rescued four hostages from the central Gaza Strip, in Ramat Gan, Israel, in this handout image obtained by Reuters on June 8, 2024.
L: Anadolu/Getty Images
R: Israeli Army/Handout via REUTERS
Israel's June 8 hostage rescue was aided by US intelligence, The New York Times reported.
US specialists provided key intelligence and logistic support to Israel's military.
The operation that freed four hostages caused over 200 Palestinian casualties, Gaza officials said.
Israel's rescue operation that freed four hostages on June 8 was supported by intelligence from US sources, The New York Times reports.
A team of US hostage recovery specialists stationed in Israel provided key intelligence and logistical support to the Israeli military, assisting a daytime operation that brought the hostages back to Israel after being held captive for eight months in Gaza, said several unnamed US and Israeli officials, the report said.
Palestinian gunmen kidnapped around 240 hostages following the terrorist attacks on Israel on October 7, which killed 1,200 people, mostly civilians.
Argamani's ordeal went viral on social media when she was kidnapped on October 7. She was abducted from the Nova festival via motorbike, and footage of her pleading "Don't kill me!"
The Pentagon and CIA has been providing real-time intelligence from drone surveillance over Gaza, communications intercepts, and other sources, supplementing Israel's capabilities, said the NYT report.
"The United States is supporting all efforts to secure the release of hostages still held by terrorists," National Security Adviser Jake Sullivan said in a statement.
"We won't stop working until all the hostages come home and a cease-fire is reached," said President Joe Biden.
The hostage rescue operation took place in central Gaza's Nuseirat refugee camp.
Gaza's Government Media Office said at least 210 people were killed in the raid, per Al Jazeera.
Hamas' armed al-Qassam Brigades said that Israel's operation also killed some hostages.
Israel, "by committing horrific massacres, was able to free some its hostages, yet it killed some others during the operation," Briades' spokesperson, Abu Ubaida, said on Telegram, per Reuters.
Israeli military spokesperson Peter Lerner called the allegation a "blatant lie," per CNN.
It is not the first time Israel has been accused of killing hostages accidentally.
But first: Shock election results in India will shake up the world's fifth-largest economy.
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Narendra Modi attends the release of the Bharatiya Janata Party's manifesto at the party headquarters in New Delhi on April 14, 2024.
SAJJAD HUSSAIN/Getty Images
This week's dispatch
Modi misses
Indian Prime Minister Narendra Modi claimed a third term this week, but his Bharatiya Janata Party failed to secure an overall majority. He'll now have to rely on allies to form a government.
The election result was a blow to Modi, who has governed India for a decade with an increasingly firm grip. The rebuke arrived despite Modi's record of lifting hundreds of millions of Indians out of poverty, which won praise from business titans like Jamie Dimon. Indian stock indexes fell sharply on the election results before recovering.
India watchers expect the country's new government to move slower on some issues following the surprise election result. But experts believe Modi will be largely undeterred in his economic and foreign policy efforts.
One pain point is India's rising unemployment rate. That could see Modi supercharge his efforts to turn India into the new factory of the world. Apple is among those investing in manufacturing in the country.
He has also positioned India as a leader of the Global South, strengthening diplomatic ties with the US and pushing for a permanent position on the UN Security Council.
New details have emerged about the tight-knit circle of attorneys and judges within one of the country's most powerful courts: the Southern District of Texas bankruptcy court.
Rampant conflicts of interest fueled the court's meteoric rise — and its spectacular fall.
A wave of apartment construction has flooded metros like Salt Lake City, Nashville, and Atlanta with new studios and two-bedroom apartments. To lure tenants, landlords are hawking deals left and right, from comped parking to discounted rent.
The apartments are still expensive. But compared to the price of a down payment, they can feel like a bargain. And with amenities like pools and gyms, they are keeping wealthy Americans renting.
Goldman Sachs recently celebrated 25 years since it went public, and the bank's future has been a hot topic on Wall Street. Goldman's latest moves show its core business of advising companies and the ultrawealthy has retaken center stage.
A dozen Goldman insiders and bank watchers spoke to BI about how the bank is positioning itself to succeed in the long run and how it'll ultimately withstand recent top-partner departures.
Going up against Nvidia is generally considered a pretty bad idea for startups in Silicon Valley. "Betting against Nvidia is viewed as a very stupid investment," one VC said.
But Silicon Valley often thrives when true technologists keep hacking away at something they believe in, even if everyone else thinks it's dumb.
The Insider Today team: Matt Turner, deputy editor-in-chief, in New York. Jordan Parker Erb, editor, in New York. Dan DeFrancesco, deputy editor and anchor, in New York. Lisa Ryan, executive editor, in New York.
The Hyundai Palisade is a mid-size, three-row family SUV that's available with all-wheel-drive.
I recently reviewed a fully-loaded Palisade SUV in Calligraphy trim.
I was blown away by the Palisade's premium cabin, smooth engine, and advanced tech.
The Hyundai Palisade is one of the most popular and critically acclaimed three-row family SUVs on sale today.
The Palisade launched back in 2019 alongside its corporate sister, the Kia Telluride, and received an update in 2023 with fresh tech and styling to help it remain competitive.
I recently reviewed a $52,000 2024 Hyundai Palisade Calligraphy AWD. It proved to be one of the most impressive SUVs of its type I'd ever driven. I was blown away by the Palisade Calligraphy's premium cabin, smooth engine, and advanced tech.
Here's a closer look at some of my favorite features.
1. Cool front grille
The Hyundai Palisade's turn signals
Benjamin Zhang/Business Insider
The most obvious part of the Palisade's 2023 update is a futuristic front facia. This new grille work brings the flagship Palisade in line with Hyundai's new corporate aesthetic that debuted with the compact Tucson SUV's parametric jewel pattern grille.
Instead of chrome, the XRT and Calligraphy Night trims have their grilles blacked out.
The Palisade's headlights are on either side of the front grille. The LED daytime running lights are located on the outside of the round headlights.
When not activated, the turn signals blend in as part of the chrome grille.
2. V6 power
The Palisade's 3.8 liter V6 engine.
Benjamin Zhang/Business Insider
The only engine available on the Palisade is Hyundai's 3.8-liter, naturally aspirated Lambda II V6 engine.
The V6 produces 291 horsepower and 262 lb-ft of torque. It's paired with an 8-speed automatic transmission.
The quiet, smooth-revving V6 delivers effortless power, sufficient acceleration, and competitive fuel economy for the segment, matching the Subaru Ascent's turbocharged four-cylinder and the Honda Pilot's 3.5-liter V6.
3. Advanced safety features
The Palisade's driving positioin
Benjamin Zhang/Business Insider
All Palisades come standard with blindspot collision warning, rear cross-traffic collision avoidance assist, rear occupant alert, rear park distance warning, forward collision avoidance assist, lane keeping assist, lane following assist, driver attention warning, trailer sway control, and highway driving assist.
The Calligraphy trim gets forward park distance warning, parking collision avoidance assist, and upgraded forward collision avoidance assist.
4. HTRAC all-wheel-drive
HTRAC AWD
Benjamin Zhang/Business Insider
Hyundai Palisade is naturally a front-wheel-drive crossover SUV.
All-wheel drive is available as a $2,000 option on all trim levels except the top-of-the-line Calligraphy Night Edition, which gets it as a standard feature.
HTRAC operates in front-wheel-drive when cruising around but can send up to 50% of the engine's power to the back wheel when needed. At low speeds, the driver can activate an AWD Lock function that forces the system to send at least 20% of the power to the back wheels. This is useful for driving in poor road conditions or off-road.
5. Front dash design
The Hyundai Palisade's front dash
Benjamin Zhang/Business Insider
Hyundai did a great job with cabin ergonomics with a sensible mix of touch controls and physical switchgear. There's also a variety of useful storage scattered throughout the cabin.
6. Big touchscreen
The Palisade Calligraphy's 12.3-inch touchscreen.
Benjamin Zhang/Business Insider
All Palisades come standard with a 12.3-inch color touchscreen. The touchscreen comes equipped with a built-in navigation system that can receive updated maps remotely.
It also comes standard with wired Apple CarPlay and Android Auto.
7. Quiet Mode
Quiet Mode on the Hyundai Palisade.
Benjamin Zhang/Business Insider
Quiet Mode limits the volume of the front speakers and mutes the speakers in the rear cabin, allowing its occupants to rest without disruption on a road trip.
8. Passenger Talk
Passenger Talk on the Hyundai Palisade.
Benjamin Zhang/Business Insider
The Passenger Talk feature amplifies the driver's voice through the speakers in the rear cabin.
9. Blind-spot view monitor
The Palisade's blind-spot view monitor
Benjamin Zhang/Business Insider
Higher level trim levels get a blind-spot view monitor standard. The system uses side mirror-mounted cameras to give the driver a live view of the vehicle's blind spot through the digital gauge display when the turn signal is activated.
10. Head-up display
The Hyundai Palisade's HUD.
Benjamin Zhang/Business Insider
Higher-level trims also get a head-up display (HUD) projected onto the front windshield. The HUD can be configured to present various information, including speed, the status of the advanced cruise control, and the speed limit.
11. Hands-free liftgate
The Hyundai Palisade Calligraphy
Benjamin Zhang/Business Insider
Hyundai's hands-free tailgate is standard on all trim levels of the Palisade except the base SE.
The liftgate triggers if you stand within 3 feet of the rear bumper for more than three seconds with the key fob. This is a departure from rival systems that require the driver to swing their leg under the back bumper.
12. Ergo-Motion driver seat
The Palisade's leather-trimmed driver's seat.
Benjamin Zhang/Business Insider
The driver's seat's Ergo-Motion function uses self-adjusting inflatable air pockets to support the driver's posture and combat fatigue on long drives. When the Palisade is in Sport Mode, the air pockets inflate to provide additional lumbar support.
13. Smart rear vision camera
The smart rear view camera.
Benjamin Zhang/Business Insider
The Palisade's rearview mirror is equipped with a smart rear-vision camera display, which comes in handy when the cabin is loaded up with cargo.
The actual camera is located near the top of the rear window.
14. Fancy third-row seats
The Palisade's third row.
Benjamin Zhang/Business Insider
The Palisade Calligraphy's third-row of seats are not only power operated, but are also heated, perfect for those cold days. Third-row passengers are have a pair of dedicated USB-C plugs.
15. Powerful stereo
The Harmon Kardon stereo
Benjamin Zhang/Business Insider
The Palisade Calligraphy came equipped with a 630-watt Kardon audio system. The 12-speaker system is standard on higher trims and available as an option on the SEL trim.
16. 64-color ambient lighting
Ambient lighting in the Palisade.
Benjamin Zhang/Business Insider
The 64-color ambient lightning, installed on door trims and the center console, adds a little extra panache to the cabin, especially at night.
17. Trick cup holders
The Palisade's cup holders retracted.
Benjamin Zhang/Business Insider
The Palisade's center console comes equipped with trick foldable cup holders that rotate to tuck away when not in use.
18. 360-degree camera
The surround view camera's 360-degree view
Benjamin Zhang/Business Insider
The Calligraphy trim comes with front, rear, and side cameras. The cameras come together to provide the driver with a 360-degree view of the Palisade and its surroundings.
19. Panoramic mirror
The Palisade's panoramic mirror.
Benjamin Zhang/Business Insider
Right above the rearview mirror is a retractable panoramic mirror. The panoramic mirror gives the driver a clear view of the action in the back of the vehicle.
20. Double sunroofs
The Palisade's dual sunroofs.
Benjamin Zhang/Business Insider
Instead of a single panoramic glass roof like those found in the Subaru Ascent or Honda Pilot, the Palisade has two individual sunroofs. The smaller front sunroof opens, but the larger rear glass roof does not.
21. Nappa Leather Seats
The Hyundai Palisade Calligraphy's front seats are trimmed in Nappa leather.
Benjamin Zhang/Business Insider
The leathers, plastics, and soft-touch materials used in the cabin are exceptional, especially for a mass-market vehicle.
The Palisade Calligraphy is the only trim that gets this rich Nappa leather upholstered seats.
22. Power folding seats
The electric folding second and third-row seats on the Palisade.
Benjamin Zhang/Business Insider
Unlike many of its competitors, the Palisade relies upon electric motors instead of manual latches or handles to retract the second and third-row seats.
23. Under console storage and charging
The hidden storage area under the center console.
Benjamin Zhang/Business Insider
The Palisade has a hidden storage area under the center console, perfect for bags or small purses. The storage nook also houses USB-C and 12V plugs.
24. Spare tire
The Palisade's spare tire.
Benjamin Zhang/Business Insider
These days spare tires are becoming increasingly rare as automakers opt for a can of fix-a-flat to save weight and money.
Fortunately, the Palisade still has a spare wheel mounted underneath the rear cargo area.
Former Starbucks CEO Howard Schultz sat down for a three-hour interview on the Acquired podcast.
He revealed new facts about Starbucks' early days, and warned the business is on a bad path.
Schultz spoke about meeting Bill Gates Sr., Steve Jobs, Costco's bosses, and Bernard Arnault.
Starbucks legend Howard Schultz spilled the beans on the company's early days, shared some of his biggest regrets, and warned the coffee chain is on the wrong track in an epic three-hour interview on the Acquired podcast, released this week.
Schultz helped pioneer the coffeehouse concept in the US. He served as Starbucks' chairman and CEO from 1986 to 2000 and from 2008 to 2017, and as interim CEO between 2022 and 2023.
The business guru also told the stories of how he crossed paths with Bill Gates Sr., Steve Jobs, Costco's cofounders, Coke and Pepsi, and luxury tycoon Bernard Arnault.
Here are the 12 best nuggets from the episode, lightly edited for length and clarity. Starbucks declined a request for comment from Business Insider.
1. Starbucks didn't sell its own coffee early on
"When Starbucks opened in Pike Place Market in 1971, they were using Peet's Coffee. No one knows that, that's new."
Schultz said that before it began roasting its own coffee, the company brought Peet's Coffee from San Francisco to Seattle, repackaged it, and sold it under the Starbucks brand.
2. Italian coffee giant Lavazza turned down the chance to invest early
When Schultz was launching his Il Giornale coffee bar concept, he approached two Italian companies for financial backing but they turned him down.
"I've never told this. One is the espresso company Faema, and one is the large Italian coffee company Lavazza, and I asked them both to invest in my idea and both of them turned me down.
"Lavazza and Faema, just get that on the record, turned me down. They'll deny it. That's a fact."
3. Bill Gates' dad helped Schultz buy Starbucks
When Schultz was raising money to buy Starbucks from its founders in the late 1980s, one of his investors made a cash offer for the company in a bid to cut him out of the deal.
Schultz secured a meeting with Bill Gates Sr. through a friend. After the top lawyer and father of the Microsoft cofounder heard his story, he walked him over to the offices of the investor in question, Samuel Stroum, and in Schultz's telling, said:
"I don't know what you are planning, but whatever it is, it's not going to happen. Howard Shultz is going to acquire Starbucks Coffee Company, and he's never going to hear from you again."
Not only did Gates see off that threat, he also helped finance Schultz's takeover of Starbucks.
Bill Gates Sr. and Bill Gates.
Brian Ach/Getty Images
4. Schultz regrets not snagging the rights to two innovations
When Schultz was sourcing a better coffee cup and lid for Starbucks than the traditional Styrofoam, the Chicago paper company he enlisted struck gold.
"They found a lid, that beautiful sip lid, which is now ubiquitous in the world. Howard Schultz should have said to them, 'I want an exclusive on that lid,' because that lid became the standard for the world. If I would have just understood that.
"The other thing I didn't do is we introduced caffè latte to America but we didn't trademark it. We trademarked Frappuccino later on, but we didn't trademark cafe latte. I wasn't thinking; I missed it."
5. Partnering with Costco and United Airlines ruffled some feathers
Costco cofounder Jeff Brotman helped finance Schultz's takeover of Starbucks in 1987 and was an early board member, and Brotman and ex-Costco CEO Jim Sinegal were mentors to Schultz, he said.
Together the trio made the "huge decision" to sell Starbucks coffee in Costco, which sparked a "revolt inside the halls of Starbucks," Schultz said.
The company saw a measurable increase in sales at stores near the Costco in Seattle, as selling beans there boosted brand awareness and store traffic nearby, Schultz said.
The former Starbucks CEO faced similar blowback when he agreed to let United Airlines serve his company's coffee.
"If you thought the Costco revolt was high, you can imagine when I say we have an opportunity with United Airlines. People thought it was absolute blasphemy, don't do that. And again, the exposure and the opportunity to surprise and delight customers in places that they've never had anything close to good coffee."
6. Not a Frappuccino fan
"I'm so smart that I looked at that Frappuccino with disdain. I didn't like the name, I didn't like the beverage, I didn't think it was appropriate for Starbucks. I just saw Starbucks as such a purity with regard to coffee and I was wrong, dead wrong, obviously."
Starbucks Frappuccinos.
via Starbucks Facebook
7. Coke said no, Pepsi said yes
Schultz approached both Coca-Cola and Pepsi with his idea for a bottled Frappuccino to be sold in grocery stores. The meeting with Coke in Atlanta lasted less than 30 minutes: "They dismissed me, didn't understand what I was trying to do, and didn't give me much time to even explain it."
In contrast, Schultz met with Pepsi's CEO and other top executives in New York and "on a napkin, I swear, shook hands and created a multibillion-dollar business for Pepsi and Starbucks."
8. Steve Jobs' frank advice
Schultz recalled that Starbucks was having challenges at one point, so he took a walk with Steve Jobs at Apple's campus in California.
"I just told him all my problems, everything that was going on, and he stopped me and he said, 'This is what you need to do.' He just looked at me and he said, 'You go back to Seattle and you fire everyone on your leadership team.'
"I thought he was joking. I said, 'What do you mean fire, what are you talking about fire everybody?' He said, 'I just told you, f'ing fire all those people.' He was like screaming at me in my face: 'Fire all those people, that's what I would do.' I said, 'Steve, I can't fire all those people, who's going to do the work?'
"He said, 'I promise you, in six months, maybe nine, they'll all be gone.' He was right; except for one, the general counsel, they were all gone."
Steve Jobs.
Justin Sullivan / Staff / Getty Images
9. Mobile app dangers
"It is the biggest Achilles' heel for Starbucks and there's not even a close second," Schultz said about the Starbucks app that allows customers to order on their smartphones.
Schultz explained the app can erode the sense of community and a shared "third place" that he sees as fundamental to a Starbucks store. It can also overwhelm workers with orders which can lead to delays, confusion, and customer anxiety, he noted.
"My view is we should not succumb to the mobile app," Schultz said, saying that he would have restricted its availability early on to test its impact instead of making it available 24/7.
"We're not a beverage company serving coffee, we are a coffee company serving people. We need to be much more coffee forward and we cannot continue to allow the mobile app to be a runaway train that is going to consistently dilute the integrity of the experience of Starbucks."
10. Coffee in Italy
"I know I'm gonna be chastised for what I'm about to say, but it's true. By and large, coffee in Italy is not as good as it once was," Schultz said. "I'm going to be killed for that, but that's my truth."
Schultz also discussed how Starbucks only entered the home of espresso when it was truly ready to shine.
"I knew the knives would be out in ways that we couldn't even possibly imagine given the history and the cultural relevance of espresso and the coffee bar, and so we waited and waited and waited."
His strategy was to first open one of Starbucks' marquee locations, The Roastery, in Milan. He decided the empty post office building was the perfect venue, and upon discovering Blackstone owned it, he was able to strike a deal with the private equity titan.
Schultz also revealed the No. 1 beverage for Starbucks across its 30 stores in Italy is espresso, suggesting locals have embraced the brand.
11. Showing the Arnaults around
Schultz recalled giving a tour of the Roastery in Seattle to one of the world's top business figures, LVMH CEO Bernard Arnault, and his son Alexandre, a top executive at Tiffany's.
"His level of curiosity was very high," Schultz said about the man behind Louis Vuitton and a luxury empire. "I remember, he kept looking at the leather railing and stitching and I just said, 'You're spending a lot of time on the leather.'"
LVMH CEO Bernard Arnault (right) and his son, Alexandre Arnault.
Donato Sardella/Getty Images for Louis Vuitton
12. Starbucks is on a bad path
Schultz warned the company he built is at risk of becoming arrogant, complacent, and conservative.
"The worst thing that could happen to a company is believing that you are incapable of doing anything but succeeding, and you deserve the success. But if you start playing defense and don't have the offensive mind, it won't go well. And I think over time, that has happened at Starbucks."
Schultz criticized the company for not investing enough when he wasn't in charge, and for using stock buybacks to raise earnings per share.
"The company has not executed the way that I think it should have. I go into the stores, I know the company, and I think we're not at our best right now.
"If the company is doing a drift toward mediocrity," he said, "I hold leadership and the board responsible for that."
Two cargo ships sailing near Yemen caught fire after being hit by projectiles.
The missiles are suspected to have been fired by Houthi rebels.
Houthis have been targeting ships to pressure Israel and the West over the war in Gaza.
Two cargo ships traveling off Yemen's southern port city of Aden caught fire after being hit by projectiles suspected to have been fired by Houthi rebels, UK maritime agencies reported.
United Kingdom Maritime Trade Operations (UKMTO) said on Sundayit had been informed of an incident 80 nautical miles southeast of Aden.
Suspicion for the attack fell on Yemen's Houthi rebels, who have not claimed responsibility for the latest attack but have been targeting shipping in the area for several months with missiles and drones.
The British security firm Ambrey later said a cargo vessel from Antigua and Barbuda had been hit by a missile 83 nautical miles southeast of Aden. The ship caught fire but it was contained.
"The ship was heading southwest along the Gulf of Aden at a speed of 8.2 knots when a missile struck the forward station. A fire started but was neutralized," Ambrey said in an advisory note seen by Reuters.
"A second missile was sighted but did not hit the ship. Persons on board small boats in the vicinity opened fire on the ship during the incident," Ambrey said.
No injuries were reported after the ship diverted and sped up.
The UKMTO said they had received a second report about another incident 70 nautical miles southwest of Aden.
"The master reports that the vessel was hit by an unknown projectile on the aft section, which resulted in a fire. Damage control is underway," UKMTO said.
No casualties were reported and the UKMTO said the vessel was "proceeding to its next port of call. Authorities continue to monitor the situation."
Reuters reported on Friday that the Houthi rebels had claimed responsibility for attacks on two merchant ships in the Red Sea with "a number of drones and ballistic and naval missiles," but there was no independent confirmation of the incidents.
An aircraft takes off to join the US-led coalition conducting air strikes against military targets in Yemen.
US Central Command via X/Handout via Reuters
Houthis have been targeting ships in the Red Sea corridor and the Gulf of Aden with missiles and drones as part of a campaign that aims to put pressure on Israel and the West over the war in Gaza. Shipping vessels have been forced to take longer and more costly routes around the south of Africa.
A US Navy carrier strike group and warships from European nations have defended the key shipping lanes.
The rebels have also detained 11 Yemeni employees of UN agencies under uncertain circumstances, it was reported on Friday.
"We are very concerned about these developments, and we're actively seeking clarification from the Houthi de facto authorities regarding the circumstances of these detentions," UN spokesperson Stéphane Dujarric said in New York.
Of the 11, the UN said six had been working for the UN's human rights agency, and the rest all worked separately for its special envoy's office, its development arm, Unicef, the World Food Program, and Unesco.
On Thursday, Bloomberg reported that the US was planned to further increase economic pressure on the Houthis by blocking their revenue sources. This includes preventing a $1.5 billion Saudi payment to cover salaries for government employees in militia-held territory.