JPMorgan Chase CEO Jamie Dimon said Wednesday that he and the tech billionaire Elon Musk have ironed out their previously contentious relationship.
“Elon and I kissed,” Dimon told CNBC in a television interview at the World Economic Forum’s annual event in Davos, Switzerland. “He came to one of our conferences, [and] he and I had a long and pleasant conversation. We have resolved some of our differences.”
Dimon praised Musk’s various companies, including Teslaspace exploration company SpaceX and Neuralink, a startup seeking to develop brain-computer interface systems.
“This guy is our Einstein,” the JPMorgan chief said. “I would like to be of use to him and his businesses as much as possible.”
Dimon’s remarks come after US banking giant late last year he agreed to drop the lawsuit filed against Tesla in 2021, seeking $162.2 million plus fees in a dispute over stock warrant transactions. Previously, JPMorgan alleged that Tesla violated the terms of a contract the companies signed regarding repricing of warrants.
Tesla was supposed to deliver shares or cash if its stock price exceeded a contractually agreed upon “strike price” before a certain expiration date.
Jamie Dimon, CEO of JP Morgan Chase, speaking on CNBC’s Squawk Box outside the World Economic Forum in Davos, Switzerland, January 22, 2025.
Gerry Miller | CNBC
The conflict arose when JPMorgan adjusted the value of the warrants after Musk tweeted in August 2018 that he was considering taking Tesla private for $420 per share, and again a few weeks later when the Tesla boss walked back the idea of privatizing the electric 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 dispute.
Musk now plays key role in newly inaugurated president Donald Trumpgovernment to head an upcoming advisory council called the Department of Government Effectiveness. Dimon said he wanted to “be helpful to them.”
“Government needs to be more accountable, it needs to be more effective. It needs to be results-based. I mean, I would say department by department. So I wish them the best,” Dimon said. “It’s going to be complicated. The federal government is complicated.”
