'I Hope Musk Cleans Up Twitter:' Jamie Dimon Backs Tesla CEO's Acquisition Bid

Zinger Key Points
  • Elon Musk and JPM CEO Jamie Dimon have not crossed path since the 2021 lawsuit between the bank and Tesla.
  • Dimon, however, said in a CNBC interview he backs Musk's bid.

JPMorgan Chase & Co.’s JPM Jamie Dimon backed Elon Musk’s efforts to take over Twitter Inc. TWTR on the pretext that the latter can solve the bot issue at the social media platform.

What Happened: “I hope Musk cleans up Twitter,” Dimon said in an interview at the JPM Techstars conference in London, reported CNBC. He also wanted the Tesla Inc. TSLA CEO to look into eliminating spam accounts from Twitter, it added.

“Why can’t Twitter know who you are when you come on board, so they can eliminate all those people in the public square who are robots and emails and stuff like that,” Dimon reportedly said.

See Also: Tesla Sued By JPMorgan Over Refusing To Pay Up $162M In Dispute Over Warrants

He was also in favor of Twitter giving users more control over its recommendation algorithm.

Incidentally, Musk, who has an agreed-upon deal to take Twitter private for $44 billion, has been suggesting that the spam account count on the platform could be far more than the 5% number the company has publicly disclosed. Ahead of announcing his intention to buy Twitter, Musk said he wanted to make Twitter’s algorithm open source and also promote free speech on it.

Why It's Important: Dimon’s endorsement of Musk’s offer comes even as the two have not met eye-to-eye in the past, CNBC said, citing a 2021 lawsuit between JPMorgan and Tesla over an alleged breach of a 2014 contract relating to stock warrants the EV maker sold to the financial services giant. Attempts to smoothen things between the two parties failed, it added.

Dimon, however, conceded in the CNBC interview that “Elon is very smart.”

When asked about potential losses financiers, led by Morgan Stanley Inc. MS, could be incurring due to the distressed nature of the credit market, Dimon reportedly said, “They’re big boys, they can deal with it.”

Read Next: How to Buy JPMorgan Stock

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