JPMorgan CEO Sells $150.2M Shares
Key points:
- Dimon sells 821,778 shares at average price of $182.73
- Sale part of plan to sell up to one million shares
Jamie Dimon, the Chief Executive of JPMorgan Chase & Co, has sold company shares worth approximately $150.2 million. The sale involved 821,778 shares of JPMorgan Chase stock sold at an average price of $182.73. This is the first time Dimon has sold stock during his tenure at the company.
The sale was prearranged and is part of Dimon's plan to sell up to one million of his 8.6 million total shares. The reason for this sale is for financial diversification and tax-planning purposes.
The sales were executed through a Rule 10b5-1 trading plan. This mechanism allows company insiders to sell stock under predetermined conditions. The sale was reported in a filing with the US Securities and Exchange Commission.