JPMorgan CEO Jamie Dimon speaks at the 2024 Financial Markets Quality Conference at Georgetown University in Washington, DC, United States, Tuesday, September 17, 2024.
Al Drago | Bloomberg | Getty Images
JPMorgan Chase CEO Jamie Dimon He and tech billionaire Elon Musk have toned down their previously contentious relationship, they said on Wednesday.
“Elon and I hugged each other,” Dimon told CNBC in a television interview at the World Economic Forum’s annual event in Davos, Switzerland. “He attended one of our meetings, (and) he and I had a nice long conversation. We worked through some of our differences.”
Dimon praised several of Musk’s companies, including Tesla, space exploration company SpaceX and Neuralink, a startup seeking to develop brain-computer interface systems.
“This man is our Einstein,” the J.P. Morgan CEO said. “I want to help him and his company in any way we can.”
Dimon’s comments come after the U.S. banking giant Agreeing to drop the lawsuit late last year In 2021, Tesla filed a lawsuit over a stock warrant trading dispute, seeking damages of US$162.2 million and costs. Previously, JPMorgan Chase accused Tesla of violating the terms of a contract signed by the two companies regarding the repricing of warrants.
If Tesla’s stock price is higher than the contract’s “strike price” before a certain expiration date, Tesla should deliver stock or cash.
In August 2018, Musk tweeted that he was considering taking Tesla private at $420 a share, only to have the Tesla boss backtrack on the idea a few weeks later The conflict arose when JPMorgan Chase adjusted the value of its warrants.
Musk was later charged with securities fraud by the U.S. Securities and Exchange Commission. Tesla and Musk agreed to pay $20 million each to settle.
Musk now plays a key role in the incoming administration of President Donald Trump as Secretary of Government Effectiveness. Dimon said he wanted to “help them.”
“The government needs to be more accountable, it needs to be more efficient. It should be results-based. I mean, I’ll talk department by department. So I wish them all the best,” Dimon said. “It’s going to be complicated. The federal government is complicated.”
