JPMorgan chief: I hope Musk cleans up Twitter
Jamie Dimon, CEO of JPMorgan (NYSE:JPM), explained in an interview with CNBC’s Juliana Teitelbaum that Elon Musk needs to “clean up Twitter (NYSE:TWTR)”, citing the Tesla (NASDAQ:TSLA) CEO’s concerns about bots .
According to Dimon, Musk should consider removing anonymous accounts from this social network. He also said the company should give users more control over their recommendation algorithms.
Recall that Musk has repeatedly stated his concern about fake Twitter accounts. In an April statement announcing his intention to buy the company, Musk spoke of “defeating the spam bot and authenticating all real people.” He also wants to make Twitter’s ranking algorithm open and promote free speech on the platform, he said.
Although Dimon now defends Musk, both executives have been involved in litigation in recent years.
For example, in November 2021, JPMorgan filed a $162.2 million lawsuit against Tesla for breach of a 2014 contract related to share warrants that Tesla sold to the bank.
JPMorgan is not on the list of banks that have advocated funding Musk’s $13 billion buyout of Twitter, as did Morgan Stanley (NYSE:MS), Bank of America (NYSE:BAC) and Barclays (LON:BARC).
Twitter and Musk were scheduled to appear in Delaware court on Oct. 17 to decide the tycoon’s attempt to reverse the acquisition if they don’t reach a settlement. Last Thursday, a Delaware Court of Chancery judge ruled that Musk now has until October 28 to reach a settlement if he wants to avoid litigation.