Summary by Moomoo AI
On May 6, 2024, JPMorgan Chase & Co. reported a significant financial event involving its holdings in Visa Inc. The company successfully exchanged 37.2 million shares of Visa Class B-1 common stock for a mix of Visa Class B-2 and Class C common stock. This transaction resulted in an $8 billion gain for JPMorgan, attributed to the Visa Class C shares now valued at fair value. Additionally, JPMorgan Chase & Co. plans to donate Visa Class C shares worth approximately $1 billion to the JPMorgan Chase Foundation, which will support the foundation's activities for the next few years. This charitable contribution will be reflected as a non-compensation expense in the company's financials for 2024. Further details on this transaction can be found in JPMorgan Chase's Quarterly Report for the quarter ending March 31, 2024. The company has also released a press statement on the same date detailing the event.