JPMorgan Chase chairman and CEO Jamie Dimon will soon sell some of his family’s holdings in the bank for the first time, offloading 1 million of the total 8.6 million shares for "financial diversification and tax-planning purposes," according to a regulatory filing. The sale will give Dimon nearly $141 million, while representing less than 10% of his overall stake, worth roughly $1.07 billion.
Dimon has an estimated net worth of $1.7 billion, according to Forbes, while JPMorgan Chase’s market capitalization tops out at $394 billion, per Thomson Reuters. On Tuesday, Dimon made news by warning against relying on the economic forecasts of central banks like the Federal Reserve, calling their projections "100% dead wrong." The Fed will decide next week on another potential round of interest rate hikes after pausing them for the second time of 2023 in September.