As the nation's largest retailer and private company employer, Walmart's reversal of DEI policies has important implications for all retailers and corporations.

Companies in the U.S. were already backing off on DEI, then Walmart entered the chat: This week the retail giant said it would cut back its diversity, equity and inclusion initiatives. Why it matters: Walmart is the largest private employer in the country,

The changes are sweeping and include everything from not renewing a five-year commitment for an equity racial center to pulling out of a prominent gay rights index.