According to recent reports, tensions between Tesla CEO Elon Musk and JPMorgan Chase CEO Jamie Dimon continue to mount. The banking giant recently filed a $ 162 million lawsuit against Tesla for a stock market transaction organized by the bank in 2014.
The the Wall Street newspaper reports that Elon Musk and Jamie Dimon have had a difficult relationship in recent years. Musk and his companies have ignored JPMorgan Chase & Co. for years, turning to other banks to expand their business. Negotiations between Tesla and the bank also resulted in a conflict between the two.
Musk and Dimon have reportedly tried to get along in the past, but ended up causing other problems. Now, JPMorgan is suing Tesla by making the feud public. JPMorgan alleges Tesla owes it $ 162 million from a transaction the bank helped organize in 2014.
“We have provided Tesla with multiple opportunities to fulfill its contractual obligations, so it is unfortunate that they forced this issue into litigation,” JPMorgan said last week.
In a typically sarcastic response, Musk told the the Wall Street newspaper: “If JPM doesn’t withdraw their lawsuit, I’ll give them a one-star review on Yelp. This is my last warning!
According to public records, JPMorgan investment bankers have not worked on any Tesla projects since 2016. JPMorgan worked on the initial public offering of Tesla shares in 2010 and on several capital market transactions during of the following years.
According to Dealogic, JPMorgan has received around $ 15 million from Tesla for advice and work in capital markets over the past ten years, while Goldman Sachs Group Inc. has made around $ 90 million.
JPMorgan’s Chase consumer bank is a very large auto lender, but was hesitant to back Tesla and other EVs early on. Chase executives later contacted Musk and attempted to negotiate a deal to make Chase the primary lender to Tesla buyers in the company’s stores, much like the banks’ deals with Maserati and Jaguar Land. Rover. Musk reportedly said no to the deal. Chase has since signed a similar deal with Amazon-backed rival Tesla and electric truck brand Rivian Automotive.
Read more at the Wall Street newspaper here.
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