JPMorgan Billionaire Jamie Dimon Will Sell $141 Million Of Bank’s Stock

JPMorgan Billionaire Jamie Dimon Will Sell $141 Million Of Bank’s Stock


JPMorgan Chase CEO Jamie Dimon will sell more than 10% of his stake in the bank beginning next year, the company disclosed Friday, marking Dimon’s first such sale ever.

Jamie Dimon, pictured here in 2019, will sell 11% of his stake in JPMorgan.

Copyright 2019 The Associated Press. All rights reserved.

Key Facts

Dimon and his family will offload 1 million of their 8.6 million shares of JPMorgan, according to the Securities and Exchange Commission filing.

The stake Dimon intends to depart with is worth $140.8 million at Thursday’s closing share price.

It’s the first time Dimon will sell JPMorgan stock in his 17-year tenure as CEO, the filing noted.

The bank characterized the sale as a means for “financial diversification” and for “tax-planning purposes,” adding Dimon will retain “very significant” financial interest in the company’s performance.

Surprising Fact

Shares of JPMorgan slipped more than 1% in premarket trading while other large bank stocks were largely flat.

Forbes Valuation

Dimon is worth $1.7 billion, according to Forbes’ latest estimates, owing much of his wealth to his stake in JPMorgan, the largest bank in the U.S. by market capitalization and deposits.

Key Background

It may be Dimon’s first time cashing out on his JPMorgan shares, but it’s routine for insiders at public companies to sell shares of their firms. Billionaires Tim Cook of Apple and Jensen Huang of Nvidia each offloaded tens of millions of dollars worth of their companies’ stocks in recent weeks. It’s been a particularly busy year for Dimon and JPMorgan as the banking sector faced its most upheaval since the Great Recession, culminating with JPMorgan’s acquisition of most of the assets of the failed San Francisco-based institution First Republic.

Further Reading

MORE FROM FORBESJPMorgan’s Dimon Warns Of ‘Most Dangerous Time’ In Decades Amid Huge Bank EarningsBy Ana Faguy

MORE FROM FORBESApple CEO Tim Cook Pockets $41 Million In Stock Sale-His Biggest Selloff In YearsBy Derek Saul

Read More

Zaļā Josta - Reklāma