For first time, Dimon and family plan to sell some of his JPMorgan stock
Longtime JPMorgan CEO Jamie Dimon and his family plan to sell 1 million of his 8.6 million shares in the financial behemoth “for financial diversification and tax-planning purposes."
The 67-year-old executive’s sales would be worth more than $140 million at Thursday’s closing price. His entire stake is worth $1.2 billion, not including other shares he has earned as part of his compensation.
Dimon “continues to believe the company’s prospects are very strong, and his stake in the company will remain very significant,” per the SEC filing. And the sale is no indication that he plans to retire soon, a spokesman for Dimon told The Wall Street Journal, adding, “It’s simply part of his personal financial, tax and estate planning.”
The sale raised eyebrows, since Dimon often touts the fact that he hasn’t sold a single share of the stock since he took over JPMorgan in 2005.