Shiv Telegram Media: JPMorgan Executives Sell $170 Million in Stock as Share Price Peaks
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JPMorgan Executives Sell $169 Million in Stock Amid Record Highs
In a significant move this week, executives at JPMorgan Chase & Co. sold approximately $169 million worth of stock, triggering speculation and curiosity in the financial world. The sales were led by Chairman and CEO Jamie Dimon, who made his first-ever sale of $150 million in stock at a price of $182.73 per share. This amounted to a significant portion of his holdings, but he still holds 7.7 million shares with plans to sell more under his current plan.
Co-CEO for the commercial and investment bank Troy Rohrbaugh also cashed in, selling $13.7 million in holdings, representing nearly 31% of his stock. General counsel Stacey Friedman and chief information officer Lori Beer also sold portions of their stock, adding up to $1.1 million and $716,400, respectively. All sales were made under 10b5-1 plans, allowing executives to sell under certain conditions to avoid insider trading charges.
Dimon’s sale coincided with the stock reaching a new high, but it was not a spontaneous decision. JPMorgan announced last year that Dimon and his family would begin selling a portion of their holdings for financial diversification and tax planning reasons. In addition to Dimon, other high-ranking leaders at the bank, including the chief risk officer and various CEOs, also sold portions of their stock holdings this month.
Despite the significant sales, JPMorgan did not provide any comments on the matter, leaving analysts and investors to speculate on the reasons behind the move. With the stock at a record high, it remains to be seen if more executives will follow suit in the coming months. Stay tuned for further updates on this developing story.
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