JPMorgan Chase & Co. CEO Jamie Dimon and Tesla Inc. President Elon Musk, who were once enemies in a lengthy legal battle, have resolved their differences, the banker said Wednesday. told CNBC in an interview.
“Elon and I worked hard,” Dimon said, praising Musk, who runs several well-known companies including Tesla, SpaceX and Neuralink. “That man is our Einstein.”
The largest U.S. lender sued Tesla in 2021, kicking off a long-running dispute that was at least partially related to Musk's infamous 2018 tweet, which Musk said said it had “secured funding” to take the EV giant private, only to have that plan abandoned. A few weeks later.
Tesla countersued the bank in 2023, but the companies dropped their claims against each other last November.
Mr. Dimon also supported Mr. Musk's efforts to curtail what the Trump administration views as government overreach.
The group, called the Department of Government Efficiency (DOGE), is expected to implement deep government cuts, with the goal of eliminating entire federal agencies and cutting government jobs. The group has filed a lawsuit challenging its operations.
No large-scale M&A
Dimon said JPMorgan has no plans to make any major acquisitions in the near future.
“Some of those (previous deals) were done to help the United States at the time. They weren't necessarily done for JPMorgan,” he said.
The lender took over First Republic Bank, which went bankrupt in 2023, into receivership.
He also pointed out that the tariffs introduced for national security reasons outweigh inflation concerns.
“If it's good for national security, even a little bit of inflation is fine,” Dimon said.
President Trump has said he may impose 25% tariffs on Canada and Mexico starting February 1st.
