• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup

2

Markets tumble worldwide as Fed resets expectations: $400 billion wiped off SpaceX stock

3

Current price of oil as of June 23, 2026

1

After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup

2

Markets tumble worldwide as Fed resets expectations: $400 billion wiped off SpaceX stock

3

Current price of oil as of June 23, 2026
FinanceTesla

What to know about the JPMorgan and Elon Musk feud

By
Jessica Mathews
Jessica Mathews
Former Senior Writer
Down Arrow Button Icon
By
Jessica Mathews
Jessica Mathews
Former Senior Writer
Down Arrow Button Icon
November 23, 2021, 4:33 PM ET
Add Fortune on Google for similar content.

A 60-character tweet is at the center of the feud between Elon Musk and JPMorgan Chase that has burst into public view. 

“Am considering taking Tesla private at $420. Funding secured,” Musk wrote in a now-famous post on Aug. 7, 2018.

That tweet piqued the ears of the Securities Exchange Commission, and led to a $20 million fine for both Tesla and Musk. But now, JPMorgan is saying it also spawned a disagreement between the bank and electric car company that has cost JPMorgan $162 million. The bank filed a lawsuit last week in a federal court in New York against Tesla to get that money back.

The litigation is a public clash in what has reportedly been a longstanding closed-door feud between JPMorgan’s CEO, Jamie Dimon, and Tesla’s chief executive Elon Musk, according to the Wall Street Journal.  

At least some of that dispute is playing out in public courts. Here is what we know:

A strike price and a tweet 

The feud goes back at least to early 2014, according to the court documents. That’s when Tesla sold stock options and $338.4 million in “warrants” to four investment banks that were set to expire in 2019 and 2021, according to a regulatory filing. The warrants required Tesla to pay cash or issue stocks to the banks if its share price exceeded an agreed price, called the “strike price,” when they expired.

J.P. Morgan Securities, the company’s investment banking arm, was one of the four firms that bought warrants in 2014, according to the filing. But there were footnotes to that agreement. Should there be some kind of major company announcement that altered the stock price (within certain parameters), JPMorgan would move the agreed strike price accordingly, according to the lawsuit, which could mean Tesla has to dish out more in stocks or cash—or less, depending on which way the strike price moves.

That’s where Twitter comes in. 

Musk’s tweet in 2018 about taking Tesla private at $420 per share—and later a blog post and statement from some board members—was just that kind of announcement, JPMorgan argues. In the week following Musk’s tweet, Tesla’s stock price fell nearly 11% to $67.74. In response, JPMorgan says it was allowed—and did—lower the strike price of the warrants.

But Tesla doesn’t go public 

When Tesla said it was deserting its plans to go public at the end of Aug. 2018, JPMorgan says it raised its strike price again—though it was still below the original value. Tesla allegedly protested the adjustments on conference calls because Tesla “had so quickly abandoned its going-private plans,” JPMorgan wrote in court filings, and months later sent a letter to the bank alleging that JPMorgan was attempting to take advantage of the stock volatility. 

With a new strike price lower than the original one, Tesla would allegedly be on the hook to JPMorgan for more shares. 

Going to court

After all the back and forth, JPMorgan is now bringing the matter to court, asserting that Tesla failed to deliver 228,775 shares of its stock that it owed JPMorgan, according to the lawsuit. 

As for the other investment banks that purchased warrants, it’s unclear whether Tesla delivered all the shares they expected. Morgan Stanley and Deutsche Bank declined to comment, and Goldman Sachs didn’t return Fortune’s requests for comment.

War of words

Tesla hasn’t yet responded to JPMorgan’s claims in court, but Musk did respond in the press. 

“If JPM doesn’t withdraw their lawsuit, I will give them a one star review on Yelp. This is my final warning!” he told the Journal.

The attorney representing Tesla in the case, Alex Spiro of Quinn Emanuel Urquhart & Sullivan, did not return Fortune’s request for comment. 

One thing is clear: It may take more than a judge to solve the problems between Dimon and Musk.

This story has been updated after Deutsche Bank responded to a request for comment.

Subscribe to Fortune Daily to get essential business stories straight to your inbox each morning.
About the Author
By Jessica MathewsFormer Senior Writer
LinkedIn iconTwitter icon

Jessica Mathews is a former senior writer for Fortune, where she covered transportation, defense tech, and Elon Musk’s companies.

See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

Current refi mortgage rates report for June 24, 2026
Personal FinanceReal Estate
Current refi mortgage rates report for June 24, 2026
By Glen Luke FlanaganJune 24, 2026
2 minutes ago
Current ARM mortgage rates report for June 24, 2026
Personal FinanceReal Estate
Current ARM mortgage rates report for June 24, 2026
By Glen Luke FlanaganJune 24, 2026
2 minutes ago
Now she’s worth $200 million. But Sarah Jessica Parker says being ‘one of eight kids that struggled financially’ growing up created her work ethic
SuccessCareer Advice
Now she’s worth $200 million. But Sarah Jessica Parker says being ‘one of eight kids that struggled financially’ growing up created her work ethic
By Orianna Rosa RoyleJune 24, 2026
2 minutes ago
Mortgage rates today, June 24, 2026
Personal Financemortgages
Mortgage rates today, June 24, 2026
By Glen Luke FlanaganJune 24, 2026
2 minutes ago
Trump, Rubio, and Hegseth sit next to each other at a dark wooden table.
EconomyIran
The Pentagon said Iran War costs $29 billion,but the real cost is closer to $200 billion—and counting
By Jacqueline MunisJune 24, 2026
3 minutes ago
MSCI delays Indonesia’s market status review until November
AsiaIndonesia
MSCI delays Indonesia’s market status review until November
By Prima Wirayani, Bernadette Toh and BloombergJune 23, 2026
4 hours ago

Most Popular

After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup
Success
After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup
By Orianna Rosa RoyleJune 23, 2026
19 hours ago
Markets tumble worldwide as Fed resets expectations: $400 billion wiped off SpaceX stock
Banking
Markets tumble worldwide as Fed resets expectations: $400 billion wiped off SpaceX stock
By Jim EdwardsJune 23, 2026
21 hours ago
Current price of oil as of June 23, 2026
Personal Finance
Current price of oil as of June 23, 2026
By Joseph HostetlerJune 23, 2026
18 hours ago
Meet the 2 men putting New York's $300 billion pension fund in play for the first time in 20 years
Investing
Meet the 2 men putting New York's $300 billion pension fund in play for the first time in 20 years
By Nick LichtenbergJune 22, 2026
2 days ago
Former U.S. Secret Service agent says bringing your authentic self to work stifles teamwork: 'You don’t get high performers, you get sloppiness'
Success
Former U.S. Secret Service agent says bringing your authentic self to work stifles teamwork: 'You don’t get high performers, you get sloppiness'
By Sydney LakeJune 21, 2026
3 days ago
Texas and Charlotte used to build huge McMansions—now they're copying the California design tricks they once mocked
Real Estate
Texas and Charlotte used to build huge McMansions—now they're copying the California design tricks they once mocked
By Sydney LakeJune 22, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.