In This Article:
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.
Don't Miss:
-
‘Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can invest today for just $0.26/share with a $1000 minimum.
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."
Trending: Nancy Pelosi Invested $5 Million In An AI Company Last Year — Here's How You Can Invest In Multiple Pre-IPO AI Startups With Just $1,000
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Much of that spending goes toward maintaining outdated systems, which experts say are costly and inefficient.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.