Jamie Dimon Sells JPMorgan Chase Stock for $183 Million

• Jamie Dimon Plans to Sell 1 Million Shares of JPMorgan Chase Stock for a Profit of $183 Million

• JPMorgan Chase's chief executive officer sold $33 million worth of stock on Monday after selling $150 million worth in February.

• J.P. Morgan said Dymond's first stock sale in 19 years was for diversification and tax planning.

Jamie Dimon has completed the sale of 1 million shares of JPMorgan Chase stock for gross proceeds of $183 million.

The owner of the largest U.S. bank sold about 178,000 shares for about $33 million on Monday, watchdog filings showed. He had already cashed in 822,000 shares on Feb. 22 for $150 million.

JPMorgan Chase announced its plan to dispose of its first chief executive in late October, saying it was aimed at "financial diversification and tax planning".

In other words, too much of the Dymond family's wealth was riding on JPMorgan, so the family wanted to diversify their bets and also withdraw some cash to pay future taxes.

The news came as a surprise to many, as Dymond had not sold JPMorgan shares since he took the helm in 2006. He is known for agreeing with Warren Buffett that bosses should bet their own money so that they can share the pain with shareholders.

In recent months, Dellmon, Amazon's Jeff Bezos and Meta's Konrad Koonberg have all cut their stakes in their respective companies, raising concerns that they are cashing out at a high level and are expected to sell out soon.

But none of them sold a significant percentage of their shares. After the sale, Dymon still directly holds about 8.7 million shares.

Still, the billionaire banker has repeatedly warned investors that they are ignoring the threats to the financial markets and the U.S. economy, such as stubborn inflation, recession and foreign raids.

In his annual letter to shareholders this month, Damon cited the wars in Ukraine and the Middle East, heightened tensions between the U.S. and China, significant increases in food and energy prices, and the impact of rising borrowing costs on companies with liabilities in sectors such as the banking system and commercial real estate.

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