Amazon’s Whole Foods buy removed nearly $22 billion in market value from rival supermarkets

Amazon’s Friday morning announcement that it was acquiring Whole Foods sent the high-end grocery’s stock soaring. This was bad news for Whole Foods’ grocery competitors, which now face a fierce battle with Amazon.

Target, Kroger, Costco, Walmart, Dollar General, SuperValu and Sprouts lost a combined market value of $21.7 billion in one day — 6 percent of their total worth, according to data from FactSet.

Whole Foods, on the other hand, gained more than $3 billion in market cap, up 29 percent, from Thursday to Friday — nearing its $13.7 billion purchase price.

This article originally appeared on Recode.net.

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