Jamie Dimon, CEO of JPMorgan Chase & Co., during the 2024 Quality in Financial Markets Conference at Georgetown University in Washington, D.C., US, on Tuesday, September 17, 2024.
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JPMorgan Chase CEO Jamie Damon He said Wednesday that he and tech billionaire Elon Musk have reconciled their previously contentious relationship.
“Elon and I hugged each other,” Dimon told CNBC in a television interview during the World Economic Forum's annual event in Davos, Switzerland. “He came to one of our conferences, and we had a nice, long conversation with him. We worked out some of our differences.”
Damon praised Musk's various companies, including Tesla, space exploration company SpaceX, and Neuralink – a startup that seeks to develop brain-computer interface systems.
“The man is our Einstein,” the JPMorgan chief said. “I would like to be as useful to him and his companies as we can.”
Dimon's statements come after the American banking giant Late last year she agreed to drop her lawsuit Tesla was sued in 2021, seeking $162.2 million plus fees in a dispute over stock warrant transactions. Previously, JP Morgan claimed that Tesla had violated the terms of the contract the companies signed regarding the repricing of warranties.
Tesla was supposed to deliver shares or cash if its stock price exceeded a contractually agreed upon “strike price” by a certain expiration date.
The conflict arose when JPMorgan made adjustments to the value of warrants after Musk tweeted in August 2018 that he was considering taking Tesla private for $420 a share, and again a few weeks later when Tesla's boss backed away from the idea of privatizing the electricity sector. Car manufacturer.
Musk was later charged with securities fraud by the Securities and Exchange Commission. Tesla and Musk agreed to pay $20 million each to settle the lawsuit.
Musk now plays a key role in President Donald Trump's newly inaugurated cabinet as head of the Government Efficiency Administration. Damon said he wanted to “be useful to them.”
“Government should be more accountable, it should be more efficient. It should be results-based. I mean, I would say administration by administration. So I wish them the best,” Dimon said. “It's going to be complicated. The federal government is complicated.”
