Elon Musk Announces Live Talk with JPMorgan Chase CEO Jamie Dimon
Elon Musk revealed that he will be holding a live discussion with JPMorgan Chase CEO Jamie Dimon later this week.
During a Spaces event livestreamed on X, Musk stated that the conversation would focus on convincing bond markets that his DOGE cost-cutting initiative should boost confidence in U.S. debt. The event also featured former DOGE co-lead Vivek Ramaswamy and Republican senators Joni Ernst of Iowa and Mike Lee of Utah.
Musk’s Message to Bond Investors
"The bond markets do not currently reflect the savings I'm confident we can achieve," Musk said during the livestream. "If you're shorting bonds, I think you're on the wrong side of the bet."
Musk argued that DOGE’s aggressive spending cuts would reduce the government’s borrowing needs, easing investor concerns about rising Treasury yields.
"There will be less debt needed, as we stop wasting taxpayer money on crazy things," Musk added, though he did not provide specifics on when or where his talk with JPMorgan Chase would take place. He noted, however, that it would be targeted at a financial audience.
Potential Impact on Bond Markets
If successful, Musk’s cost-cutting measures could reduce government borrowing, potentially lowering Treasury yields and strengthening investor confidence. However, it remains uncertain whether DOGE’s proposed cuts will have a direct and measurable impact on the bond market.
Dimon and Musk’s Collaboration
Musk and Dimon’s planned discussion comes just weeks after the JPMorgan Chase CEO offered to assist Musk with his government cost-cutting initiative. In a recent interview with CNBC's Squawk Box, Dimon addressed Musk’s DOGE proposal, saying:
"I wish him the best. It's going to be complicated; the federal government's complicated, you've read about all the people in it."
He added, "If we can be helpful to them, I'd love to be helpful to them."
Musk and Dimon Mending Their Feud
Musk and Dimon’s collaboration marks a notable shift in their relationship, which had been strained for years. In the CNBC interview, Dimon revealed that the two had reconciled, saying:
"He came to one of our conferences. He and I had a nice long chat; we've settled some of our differences."
Dimon even went on to call Musk "our Einstein." Their reconciliation follows JPMorgan’s decision to drop a lawsuit against Tesla in late 2024.
Representatives for Musk and Dimon did not immediately respond to a request for comment from Fortune, which was made outside normal business hours.
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