JPMorgan Chase Chairman and CEO Jamie Dimon announced on Wednesday (January 22) that he and tech billionaire Elon Musk have resolved their previous differences and improved their relationship.
Dimon revealed during a television interview with CNBC at the World Economic Forum annual meeting in Davos, Switzerland on Wednesday, “Elon and I hugged it out. He attended one of our meetings, and we had a pleasant long conversation. We have resolved some differences.”
Dimon praised Musk for running several prominent companies such as Tesla, SpaceX, and Neuralink, a startup developing brain-machine interface systems.
“This guy is our Einstein,” said the CEO of America’s largest bank. “I want to do everything we can to help him and his companies.”
In 2021, banking giant JPMorgan Chase sued Tesla, accusing the electric car company of violating terms of a contract related to the repricing of stock warrants, seeking $162.2 million in damages and related costs.
Tesla countersued the bank in 2023, but the two companies reached an agreement in November of last year to withdraw the lawsuits and mutually waive any claims against each other.
Dimon also voiced support for Musk leading the newly established Department of Government Efficiency (DOGE) under the Trump administration, which is a non-governmental organization responsible for assisting the U.S. government in comprehensive reform efforts, focusing on reducing unnecessary federal personnel, cutting regulations, and eliminating expired projects.
“The government needs to be more accountable and efficient. It should be results-oriented,” Dimon stated, expressing his well wishes for Musk and the new organization he leads.