JPMorgan’s Jamie Dimon says he has developed a relationship with Elon Musk

JPMorgan Chase General director Jamie Dimon said on Wednesday that he and tech billionaire Elon Musk had patched up their previously contentious relationship.

“Elon and I hugged,” Dimon told CNBC in a televised interview at the World Economic Forum’s annual event in Davos, Switzerland. “He came to one of our conferences, (and) we had a good talk with him. We settled some of our differences.”

Dimon praised Musk’s various companies, including Tesla, SpaceX and Neuralink, a startup that aims to develop brain-computer interface systems.

“This guy is our Einstein,” the JPMorgan executive said. “I would like to be of service to him and his companies as much as possible.”

Dimon’s remarks came after the US banking giant at the end of last year, they agreed to drop the lawsuit filed against Tesla in 2021, seeking $162.2 million plus fees in a dispute over stock warrant transactions. JPMorgan previously claimed that Tesla violated the terms of the contract signed by the companies to reset the price of the warrants.

Tesla was required to deliver stock or cash if its stock price exceeded a contractually agreed “strike price” by a certain expiration date.

The conflict came when JP Morgan made adjustments to the value of the warrants after Musk tweeted in August 2018 that he was considering taking Tesla private for $420 a share, and weeks later when Tesla’s boss returned to the idea of ​​going private electric company. a car manufacturer.

The SEC later charged Musk with securities fraud. Tesla and Musk agreed to pay $20 million each to settle the lawsuit.

Musk now plays a key role in President Donald Trump’s administration as head of the Department of Government Efficiency. Diman said he wanted to “be of service to them.”

“Government needs to be more accountable, it needs to be more efficient. 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.”