Jamie Dimon Calls Elon Musk 'Our Einstein' After Years Of Feuds: 'We've Hugged It Out' And Settled Differences At Tech Summit

Jamie Dimon, CEO of JPMorgan Chase, and Elon Musk, CEO of Tesla and SpaceX, have reportedly reconciled after years of public feuds and legal disputes. In an interview with CNBC's Squawk Box aired Wednesday, Dimon said the two had "hugged it out" following a long discussion earlier this year.

"He came to one of our conferences, he and I had a nice long chat and we've settled some of our differences," Dimon said. 

Musk attended JPMorgan's tech summit in March, where the two reportedly spoke for an hour onstage and later privately in Dimon's suite, Business Insider reported, citing sources familiar with the matter.

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Dimon went on to express support for Musk's leadership of the Department of Government Efficiency (DOGE), a federal initiative created by an executive order signed Monday by President Donald Trump. 

Musk initially pitched DOGE in August as a tool to cut federal spending and reduce regulations. However, DOGE's current focus is on modernizing the government's aging IT systems and software infrastructure.

"We deserve good government," Dimon told CNBC. "I don't think anyone believes sending another trillion dollars to Washington guarantees good governance. Government needs to be more accountable, more efficient and outcomes-based."

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DOGE's creation follows a live-streamed conversation between Musk and Trump on X, formerly Twitter, where Musk offered to help lead a government efficiency commission. Trump, who has long criticized government spending, reportedly welcomed Musk's involvement. 

Musk backed his words with financial support, spending over $200 million during the 2024 election cycle to support Trump's reelection and other Republican candidates, The New York Times reported.

Musk's commitment to DOGE comes as U.S. government spending hit $7 trillion in 2024, with over $90 billion allocated annually to federal IT budgets, according to the Government Accountability Office. 

Much of that spending goes toward maintaining outdated systems, which experts say are costly and inefficient. Modernizing these systems could save billions, but the challenge of overhauling government technology is enormous.

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Dimon acknowledged the scale of the task ahead, saying, "It's going to be complicated. The federal government is a massive operation. If we can help in any way, I'd love to be helpful."

Dimon has long favored government efficiency. In a September 2024 interview with CNBC-TV18, he stated, "I think governments have to become more efficient, more competent and look at, when they take money, what they get for it.” He further remarked, “We really need to do it.” 

The reconciliation between Dimon and Musk follows years of disputes, including a 2021 lawsuit where JPMorgan sued Tesla for $162 million over alleged breaches of a stock warrants contract. 

The disagreement stemmed from Musk's infamous 2018 tweet about taking Tesla private, which he later retracted. Tesla countersued, accusing JPMorgan of bad faith. Both lawsuits were dropped in November 2024, with the case dismissed with prejudice.

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