JPMorgan Chase CEO Jamie Dimon and Tesla chief Elon Musk, once adversaries in a prolonged legal battle, have settled their differences, the banker told CNBC in an interview on Wednesday.

JPMorgan Chase CEO Jamie Dimon said Wednesday that he and Tesla CEO Elon Musk have “hugged it out” and resolved their differences, after Dimon’s bank sued the tech billionaire’s electric vehicle

Jamie Dimon’s comments follow JPMorgan’s decision late last year to drop a case filed against Tesla in 2021, which had sought $162.2 million plus fees over a dispute regarding stock warrant transactions.

“Elon and I hugged it out,” Dimon said. “He came to one of our conferences. He and I had a nice, long chat. We settled some of our differences.”

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Dimon reiterated that he remains cautious about global deficit spending, the potential for persistent inflation and geopolitical issues.

"Elon and I hugged it out," Dimon told CNBC in a TV interview at the World Economic Forum's annual event in Davos, Switzerland, Wednesday. "The guy is our Einstein," the JPMorgan chief said. "I'd like to be helpful to him and his companies as much as we can.

Jamie Dimon praised Elon Musk as "our Einstein," resolving past legal disputes, while discussing JPMorgan’s acquisition strategies, regulation reforms, and support for tariffs prioritizing national security over inflation.

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Jamie Dimon, the CEO of JPMorgan Chase, publicly backed Elon Musk’s leadership of the newly created Department of Government Efficiency (D.O.G.E) today.