Elon Musk to Discuss Government Spending Cuts with JPMorgan Executives
Elon Musk, the CEO of Tesla and SpaceX, will address an audience at JPMorgan Chase (JPM) this week to discuss the benefits of government spending cuts. This appearance was teased by Musk on his social media platform X.
Musk stated that he believes investors who are shorting bonds are "on the wrong side of the bet", emphasizing that the bond markets do not currently reflect the savings achievable by the Department of Government Efficiency (DOGE).
Musk's appearance at the private JPMorgan event coincides with his role as head of DOGE, which is working to restructure and potentially shut down various government agencies, including USAID. DOGE has obtained access to the Treasury Department's payment system as part of these efforts.
Musk has stated that DOGE is suspending certain Treasury payments to combat corruption and waste, which he believes will reduce the need for debt.
Recently, JPMorgan CEO Jamie Dimon has indicated an improvement in his relationship with Musk. Dimon expressed support for Musk while attending the World Economic Forum in Davos and stated that JPMorgan would like to assist Musk if possible.
Musk and Dimon have had a strained relationship in the past, with a disagreement over Tesla's leasing arrangements a decade ago leading to a lawsuit in 2021. However, the lawsuit was dropped, and JPMorgan and Tesla established a new commercial partnership in December.