Jamie Dimon is planning on selling shares of the world’s largest investment bank, JP Morgan, in which he is the CEO. This move is monumental because it’s the first time he is selling shares of JP Morgan in nearly 18 years, almost as if the writing is on the wall.
The prolific billionaire and his family plan to sell 1 million of the 8.6 million shares that they own to generate a cash balance of around $140 million. The share sale represents an 11.6% reduction in his stake of JP Morgan which is concerning considering the current climate of the stock market. Although Dimon has more performance shares that have not vested as well as stock appreciation rights, the current share sale percentage represents total shares held as of right now.
Market participants will certainly be paying attention to additional share sales from the brightest CEO on Wall Street. Dimon’s words and actions are often seen as a leading indicator of future economic events as he’s had his finger on the pulse of financial markets for over 30 years.
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