JP Morgan Chase CEO Backs Elon Musk In Twitter Row

(RTTNews) - Jamie Dimon, the CEO of American banking conglomerate, JPMorgan Chase, has expressed support for Elon Musk's plan to get rid of spam and fake Twitter accounts if the Tesla CEO is able to go through with his $44 billion purchase of the online platform. In an interview with CNBC, Dimon said, "I hope Musk cleans up Twitter."

Elon Musk had signed an agreement to purchase Twitter at $54.20 per share in April after getting a 9.2 percent share in the company. At that time, Musk has said that the billionaire planned to better Twitter by adding new product features, open sourcing its algorithm, defeating spam bots and authenticating all humans.

Till Elon Musk showed interest in purchasing Twitter, the company had said that spam and fake accounts constitute only 5 percent of its total monetizable daily active users. The JP Morgan Chief said, "Why can't Twitter know who you are when you come on board, so they can eliminate all those people in the public square who are robots and emails and stuff like that? Why can't they give you a choice of algorithms? As opposed to one that just jazzes you up."

In July, Musk had informed Twitter that he was going to cancel the deal by claiming that the company broke its obligations by misrepresenting the number of spam and fake accounts on the platform.

Twitter then filed a counter lawsuit against Musk asking him to honor his obligations under the agreement because "the deal he signed no longer serves his personal interests." Musk proceeded to file a countersuit, which was changed last month to include the allegations made by whistle blower and Twitter's former security chief Peiter "Mudge" Zatko.