The company said Visa Inc. accepted its tender of 37.2 million shares of Visa Class B-1 common stock on May 6, 2024. The shares were exchanged for a combination of Visa Class B-2 common stock and Visa Class C common stock.

1. 01

   The company said Visa Inc. accepted its tender of 37.2 million shares of Visa Class B-1 common stock on May 6, 2024. The shares were exchanged for a combination of Visa Class B-2 common stock and Visa Class C common stock.

2. 02

   The company said Visa's acceptance resulted in a gain of about $8 billion relating to the Visa Class C common stock, which is held at fair value. It said the Visa Class B-2 common stock is held at the nominal carryover basis of the tendered Visa Class B-1 common stock.

3. 03

   The company said it intends to donate a portion of the Visa Class C common stock, valued at about $1 billion, to the JPMorgan Chase Foundation. It said the donation will be recorded as non-compensation expense in 2024.

4. 04

   The company said the donation is expected to prefund its anticipated contributions to the Foundation for the next several years. It directed readers to pages 8 and 100 of its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 for further information.

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