Damon says he and Musk “hugged”

JPMorgan Chase CEO Jamie Dimon said on Wednesday that he and Tesla CEO Elon Musk have “reconciled” and resolved their differences, after Dimon’s bank filed a lawsuit against the tech billionaire’s electric car company in 2021.

“Elon and I hugged each other,” Dimon told CNBC at the World Economic Forum in Davos, Switzerland. He came to one of our conferences. We had a nice long chat. We have settled some of our differences.”

“The man is our Einstein,” he added. “And I would love to be as useful to him and his companies as we can.”

JPMorgan Chase sued Tesla in 2021, demanding $162 million from Musk as part of a stock guarantee deal. The dispute centered around a 2018 tweet from Tesla’s CEO suggesting he might take the company private, and subsequent changes in Tesla’s value.

The tweet also led to an SEC lawsuit that Musk and Tesla each paid $20 million to resolve in 2018.

JPMorgan dropped its lawsuit against Telsa last month after the two companies reached a settlement.

Since then, Musk has taken on a prominent role in President Trump’s administration, both as head of the newly created Department of Government Efficiency (DOGE) and as a close ally of the president.

Dimon said Wednesday that he wishes Musk and DOGE well as they embark on cost-cutting efforts.

“I think it’s perfectly rational for someone to look at our government and say it’s ineffective,” Dimon told CNBC.