Jamie Dimon says Musk should ‘clean up Twitter,’ echoes bot concerns

JP Morgan CEO Jamie Dimon speaks at the Boston College Chief Executives Club luncheon in Boston, Massachusetts, U.S., on November 23, 2021.

Brian Snyder | Reuters

jamie dimond seems to be a fan of by Elon Musk $44 billion Twitter take the control.

“I hope Musk cleans up Twitter,” he said. JPMorgan The CEO told CNBC’s Julianna Tatelbaum, adding that he thinks Musk should consider removing anonymous accounts from the site.

The comments are the first of Dimon speaking specifically about the Musk-Twitter deal, which was revived last week after a new offer CEO of Tesla to buy the social media platform at $54.20 per share that they initially agreed to in April.

In a CNBC interview at the JPM Techstars conference in London that aired Tuesday, Dimon echoed Musk’s concerns about the number of unwanted accounts on Twitter, saying the company should give users more control over its recommendation algorithms.

Watch CNBC's full interview with JPMorgan's Jamie Dimon on the recession, market turmoil, Twitter and more

“Why can’t Twitter know who you are when you come on board, so they can weed out all those people in the public square that are bots and emails and stuff like that?” Dimon said.

“Why can’t they give you a choice of algorithms? As opposed to one that just encourages you,” he added.

musk has did not make any secret of your concerns with 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 humans.” He said that he too wants to make Twitter’s ranking algorithm open source and promote free speech on the platform.

‘Elon is very smart’

Dimon’s comments collide with some behind-the-scenes clashes between the two corporate leaders.

In November 2021, JPMorgan sued Tesla for $162.2 million for allegedly breaching a 2014 contract related to stock warrants that Tesla sold to the bank.

The suit centered on a dispute over how the bank changed the price of collateral following Musk’s decision. infamous private tweet of 2018.

Jamie Dimon: Technology always changes the world

The suit was the subject of a report by the Wall Street Journal saying that Musk and Dimon had never gotten along. According to the Journal, the pair’s efforts to patch things up didn’t work out, and JPMorgan has long distanced itself from Tesla and Musk.

On Monday, however, Dimon praised Musk. “From my point of view, Elon is very smart,” he said.

‘They are big boys’

JPMorgan was notably absent from the list of banks that lined up to provide $13 billion in debt financing for Musk’s purchase of Twitter, with Morgan Stanley, Bank of America Y barclays among the lenders who agreed to raise the funds.

However, a deterioration in credit markets has raised concerns about how Musk’s funding will come together. According to Bloomberg According to calculations, the banks could be in jeopardy for losses of $500 million or more if they proceed to sell the debt now.

“They’re big, they can deal with it,” Dimon said when asked about financial concerns.

Twitter and Musk have been in an endless debate over whether to go ahead with the deal. Musk is concerned that the company is not doing enough to address the manipulation of the platform through bots. Twitter says it has been honest with Musk by revealing how many of its users are authentic.

In April, Musk and Twitter agreed having the social media company acquired by the CEO of Tesla for $54.20 per share. In July, Musk tried to back out of the deal, citing red flags around the company’s handling of bots. twitter later sued musk in an attempt to force him to complete the deal.

Twitter and Musk were due to go to trial on October 17 in Delaware to resolve the billionaire’s attempt to cancel the acquisition unless they reached an agreement first. Musk wanted Twitter to end its litigation against him to finalize the deal. However, Twitter refused to oblige.

Musk was granted a light reprieve on Thursday, with a Delaware Court of Chancery judge ruling that he now has until Oct. 28 to close the deal if he wants to avoid trial.

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