Billionaire Behind Walmart’s Warehouse Robots Gains More Than $7 Billion in a Day
August 2, 2023
Rick Cohen, the billionaire majority owner of warehouse automation firm Symbotic, saw his fortune increase by over $7 billion in a single day as the company reported record sales and a $23 billion backlog of orders. Symbotic’s stock soared more than 50%, leading to a market cap of $35 billion, and its revenue for the third quarter reached $312 million, a 78% increase compared to the same period last year. The company’s success is attributed to its robotic warehouses that serve customers like Walmart, Albertsons, Target, and C&S Wholesale Grocery.
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