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

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  • “I hope Musk cleans up Twitter,” JPMorgan CEO Jamie Dimon said in a CNBC interview.
  • Dimon’s first comment on the Musk-Twitter deal, which was revived last week following a fresh bid from Musk to buy the company.
  • Dimon echoed Musk’s concerns about spam accounts and said Twitter should give users more control over its recommendation algorithms.

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Jamie Dimon Appears to Be Elon Musk’s $44 Billion Fan Twitter Capture.

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“I hope Musk cleans up Twitter,” J. P. Morgan The CEO told CNBC’s Juliana Tatelbaum he thinks Musk should focus on eliminating anonymous accounts from the site.

The comment is Dimon’s first exclusively talking about the Musk-Twitter deal, which was revived last week following a new bid. Tesla CEO They initially agreed back in April to buy the social media platform for $54.20 a share.

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

“Why can’t Twitter know who you are when you get on board, so they can eliminate all those people in the public square who are robots and emails and things like that?” Dimon said.

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

Musk has not hidden his concerns with the fake account on Twitter. In an April statement announcing his intention to buy the company, Musk talked about “defeating spam bots, and authenticating all real humans.” He said he wants to make Twitter’s ranking algorithm open source and promote free speech on the platform.

‘Elon is very smart’

Dimon’s comments include some behind-the-scenes skirmishes 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 lawsuit centered on a dispute over how the bank reiterated the warrant after Musk’s infamous 2018 take-private tweet.

suit a. was the subject of report good The Wall Street Journal said that Musk and Dimon have never been together. According to the Journal, the pair’s efforts to fix things didn’t work, and JPMorgan has distanced itself from Tesla and Musk.

However, on Monday, Dimon praised Musk. “In my view, Elon is very smart,” he said.

‘They are big boys’

JPMorgan was notably absent from the roster of banks prepared to provide $13 billion in debt financing for Morgan Stanley, Bank of America and Musk’s purchase of Twitter. barclays Between lenders who agreed to raise funds.

However, the collapse in credit markets has raised concerns about how Musk’s financing will come together. According to bloomberg By calculation, banks could be in line for a loss of $500 million or more if they proceed with selling the loan now.

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

Twitter and Musk have been in an endless back-and-forth over whether to go through with the deal. Musk is concerned that the company is not doing enough to tackle platform manipulation through bots. Twitter says it has been honest with Musk in disclosing how many of its users are authentic.

In April, Musk and Twitter agreed to acquire the social media firm by Tesla’s CEO for $54.20 per share. In July, Musk attempted 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 Musk to complete the deal.

Twitter and Musk were due to go to trial in Delaware on October 17th to resolve the billionaire’s attempt to quash the acquisition unless they first settled. Musk wanted Twitter to end the ongoing lawsuit against him in order to finalize the deal. However, Twitter refused to oblige.

Musk got some relief on Thursday, after a Delaware Chancery Court judge ruled he now has until October 28 to close the deal if he wants to avoid trial.

Credit: www.cnbc.com /

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