Jamie Dimon has wrapped up his planned sale of 1 million JPMorgan shares, pocketing $183 million in total proceeds.
The boss of America’s biggest bank disposed of about 178,000 shares for about $33 million on Monday, regulatory filings show. He already cashed in 822,000 shares for $150 million on February 22.
JPMorgan flagged its CEO’s intended disposals to the market in late October, saying they were for “financial diversification and tax-planning purposes.”
In other words, too much of the Dimon fortune was riding on JPMorgan so the family wanted to spread its bets, and it also wished to extract some cash to cover future tax bills.
The news surprised many as Dimon had never sold a share of JPMorgan since taking charge of the Wall Street titan in 2006. He’s known for subscribing to Warren Buffett’s view that bosses should have their own money on the line so they win or lose alongside their shareholders.
Dimon, Amazon’s Jeff Bezos, and Meta’s Mark Zuckerberg have all pared their stakes in their respective companies in recent months, sparking concerns that they’re cashing out at the top and expect a sell-off soon.
But none of the three have sold a significant percentage of their holdings. Dimon still directly owns about 8.7 million shares after his disposals.
Still, the billionaire banker has repeatedly warned investors they’re overlooking threats to financial markets and the US economy such as stubborn inflation, recession, and foreign conflicts.
In his yearly letter to shareholders this month, Dimon flagged the wars in Ukraine and the Middle East, rising US-China tensions, sharp increases in food and energy prices, and the impact of steeper borrowing costs on the banking system and indebted companies in sectors like commercial real estate.
