Elon Musk 'quotes' JP Morgan CEO Jamie Dimon to tell Europe that 'you have a real problem'

The European Union (EU) imposed a landmark €120 million ($140 million) fine on Elon Musk’s social media platform, X, formerly called Twitter, last week. The European Commission fined X for breaching Europe's digital transparency rules. The first of its kind penalty under the EU's Digital Services Act (DSA) has sparked a fierce diplomatic confrontation between the European Commission and the United States. Several top US officials, including vice president JD Vance have criticised the fine imposed on Elon Musk's X, calling the move an attack on American free speech. The Donald Trump administration is heavily siding with Elon Musk over the issue. Tesla CEO and X owner Elon Musk termed the fine as "Bullshit".

Not just this since then Musk has almost gone on an offensive against the European Union, going as far as raising the call to abolish it. In a post on X, Elon Musk told his 230 million followers that the EU should be "abolished."


Musk also quoted JPMorgan Chase & Co Chief Executive Officer Jamie Dimon who recently said that Europe has a ‘Real Problem’. "Europe has a real problem,” Dimon said at the Reagan National Defense Forum last week. “They do some wonderful things on their safety nets. But they’ve driven business out, they’ve driven investment out, they’ve driven innovation out. It’s kind of coming back,” he added.

Quoting the same, a Twitter user wrote: JPMorgan CEO Jamie Dimon says: “Europe has driven business out, driven investment out and driven innovation out” Now this is not Elon Musk, this is Jamie Dimon …. Responding to his tweet, Elon Musk wrote: He’s right.

Elon Musk wants EU abolished

European Commission said that breaches by X include “the deceptive design of its ‘blue checkmark’, the lack of transparency of its advertising repository, and the failure to provide access to public data for researchers.” The ruling follows a two-year investigation under the Digital Services Act (DSA), which was adopted in 2022 to regulate online platforms. The Commission said that failure to comply with the decision may lead to penalty payments.

Announcing the fine in a post on X, the European Commission wrote: Today, we fined X for non-compliance with transparency obligations under the DSA. We're holding X accountable for:
* Deceptive design of its ‘blue checkmark’

* Lack of transparency of its advertising repository

* Failure to provide access to public data for researchers

After the fine was announced , posting on his X account, Musk said: "The EU should be abolished and sovereignty returned to individual countries, so that governments can better represent their people."

When a user reposted Musk's comment, he responded, "I mean it. Not kidding."

"I love Europe, but not the bureaucratic monster that is the EU," he added in another post.