January 28, 2023

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Jamie Damon calls on Elon Musk to “clean up” Twitter

Jamie Damon calls on Elon Musk to "clean up" Twitter

JPMorgan Chase CEO Jamie Dimon has thrown his support behind Elon Musk’s plan to remove spam and fake Twitter accounts if the Tesla CEO completes a $44 billion purchase of the social media giant.

“Hopefully my Twitter mask will clean up,” Damon told CNBC in an interview Tuesday at the GBM Techstars conference in London.

Musk entered into an agreement to Acquisition of Twitter at $54.20 per share in April after grabbing a 9.2% stake in the social media giant. At the time, the billionaire said he wanted to improve Twitter by adding new product features, unlocking its algorithm sources, defeating spam bots and authenticating all humans.

Twitter asserts that fake and spam accounts make up less than 5% of its total monetized daily active users.

ribbon protection else they change they change %
TWTR Twitter you. 50.36 +1.18 +2.40%

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

“Why don’t they give you a choice of algorithms? Unlike the ones you like,” he added.

US economy heading for contraction in a few months, JPMorgan’s Jay Dimon warns

In July, a Twitter mask was notified that it was Planning to close the deal After claiming that the company violated its obligations by misrepresenting the number of spam and fake accounts on the platform.

In response, Twitter File a lawsuit against MuskAccusing him of refusing to fulfill his obligations under the agreement because “the deal he signed no longer serves his personal interests.” Musk proceeded to file a counterclaim, which was Edited last month To include allegations from a whistleblower and former head of security at Twitter, Peter “Mudge” Zatko.

The parties were due to start a legal confrontation beginning October 17 in Delaware court. However, Musk has since reversed course and said he intends to close on the original terms of the deal pending receipt of $12.5 billion in debt financing, and provided the Delaware Chancery Court keeps the lawsuit against him on Twitter and postpones the upcoming legal trial.

Last week, the court October 17 trial suspended, giving Musk until October 28 to close the deal with Twitter. If he can’t close the deal, he will be trialled with Twitter in November. In September, it was Musk’s deal Approved by Twitter contributors.

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JPMorgan is notably absent from the list of banks that committed to providing debt financing for Musk’s deal on Twitter. Lenders include Morgan Stanley, Bank of America and Barclays.

ribbon protection else they change they change %
Ms Morgan Stanley 78.41 -0.52 -0.66%
buck Bank of America Corp. 30.66 -0.09 -0.29%

In November 2021, JPMorgan sued Tesla for $162.2 million, accusing the electric car company of “flagrant” breach of a 2014 contract related to warrants sold to the bank. The lawsuit focused on a dispute over how JPMorgan repriced its Tesla warrants as a result of Musk’s now infamous 2018 tweet in which he said he had insured funds to buy Tesla at $420 per share.

Tesla has filed a counter-suit against the bank, accusing the company of “bad faith and greed” to demand $162.2 million after changing the terms of the arrest warrants it received. The company claimed that JPMorgan “treated itself with windfall” after receiving “billions of dollars in damages” from a surge in Tesla’s stock price.

ribbon protection else they change they change %
JPM JPMORGAN CHASE & CO. 104.99 -0.99 -0.93%
TSLA Tesla Corporation 222.96 -0.11 -0.05%

Despite the litigation between the two companies, Damon praised Musk on Tuesday, calling him “very smart.”

Reuters contributed to this report

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