The top line
Jamie Dimon, the billionaire head of America’s biggest bank, praised Tesla CEO Elon Musk, the richest man on the planet and a key part of President Donald Trump’s administration, on Wednesday. Squashing A long-running beef between companies owned by billionaires like Dimon Musk or Trump becomes the latest billionaire warming up.
JPMorgan CEO Jamie Dimon speaks during The New York Times’ annual Deal Book Summit in 2023.
Key facts
“That guy is our Einstein,” JPMorgan Chase CEO Damon told From the World Economic Forum in Davos, Switzerland, CNBC likens Musk to legendary physicist Albert Einstein.
Dimon, who cited Musk’s efforts at electric and autonomous vehicle firm Tesla, as well as his private aerospace company SpaceX and brain implant startup Neuralink, added that he was “more for him and his companies.” “Would like to be more helpful.”
Damon added that he and Musk “hugged it” and “worked out some of our differences,” apparently the result of a years-long row that began with a legal battle between JPMorgan and Tesla.
Key background
JP Morgan announced In November, it dismissed a $162 million lawsuit against Tesla filed in 2021, arguing that the bank had not received Tesla stock warrants the bank believed it owed in the wake of Musk’s infamous 2018 tweet. It is entitled to claim that Tesla secured funding to go private. Tesla also dropped its countersuit last year. “Tesla, um, has a very negative relationship with JPMorgan” and “Hate JPMorgan[s] “Tesla and I a lot,” Musk said Testified in a Delaware court in 2023. Musk told a J.P. Morgan executive that “fu—fu,” when the bank refused to underwrite leases for Tesla cars. According to to the Wall Street Journal.
Tangent
Dimon follows several other former anti-billionaires who appear to have made amends with either Musk or Trump as the former plays a key role in Trump’s second presidential term. Damon, Conn said Reaching out to voters worried about “ineffective government” and “legitimate issues” like immigration, with sympathy for Trump, was not present at Trump’s inauguration, but many who previously disagreed with Musk or Trump. Others were billionaires. They include Amazon founder Jeff Bezos, Google co-founder Sergey Brin and Facebook co-founder Mark Zuckerberg. The bad blood ran deep for this group – the Amazons. Accused Trump Treated Bezos as “His Perceived Political Enemy” in 2019 Trial, Byrne Called Trump’s 2016 election was “deeply offensive” and Trump threatened Zuckerberg with life in prison. Bezos publicly berated Musk last week, two months after Musk denied claims he thought Trump would lose last fall and sold Tesla stock accordingly. Bezos and Musk exchanged good wishes for their rival rocket launches, and Musk shared a memoir describing the two centenarians becoming “best friends.”
Forbes Valuations
According to our latest estimates, Musk is by far the richest person on the planet thanks to his net worth of $433 billion in Tuesday’s market, with the majority of his wealthiest people holding stakes in SpaceX and Tesla. . Dimon is the world’s 1,237th richest person, worth $2.7 billion, mostly from his $2 billion stake in JPMorgan.
Further reading
