Musk speaks at JPMorgan event attended by CEO Dimon, source says

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February 7, 2025 5:34 PM EST

FILE PHOTO: Elon Musk walks on Capitol Hill on the day of a meeting with Senate Republican Leader-elect John Thune (R-SD), in Washington, U.S. December 5, 2024. REUTERS/Benoit Tessie/File Photo

By Nupur Anand

NEW YORK (Reuters) -Tesla CEO Elon Musk, who has been tasked by President Donald Trump to oversee a drastic downsizing and reshaping of the federal government, spoke at a JPMorgan Chase conference on Thursday and discussed his broad efforts to reshape the government, according to source familiar with the situation.

The conference in Miami was attended by JPMorgan CEO Jamie Dimon and convened by Mary Erdoes, CEO of the bank’s asset and wealth management business. About 200 of JPMorgan's largest clients attended, according to the source, who declined to be identified discussing a private client event.

Musk took the stage with his mother, Maye Musk, for a conversation moderated by David Rubenstein, co-founder of private equity firm the Carlyle Group.

The conversation covered a wide range of topics, including the scope of work of the Department of Government Efficiency, spearheaded by Musk.

DOGE has goals of eliminating entire federal agencies and cutting three quarters of federal government jobs.

JPMorgan declined to comment, while Musk and Carlyle did not immediately respond to requests seeking comment.

Dimon and Musk, once adversaries in a prolonged legal battle, have settled their differences, the prominent Wall Street banker said in an interview last month.

The biggest U.S. lender had sued Tesla in 2021, kicking off a drawn-out dispute that was at least in part tied to Musk's 2018 tweet where he said he had "funding secured" to take the EV giant private, only to abandon that plan a few weeks later.

Tesla countersued the bank in 2023, but both the companies dropped their claims against each other in November.

(Reporting by Nupur Anand in New York, Editing by Marguerita Choy and Chris Reese)


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JPMorgan, Donald J. Trump, The Carlyle Group, Jamie Dimon, Tesla