Facebook and TikTok might be two of the most popular apps on the market at the moment, but Jamie Dimon doesn’t care. He says the social media platforms are “total, stupid waste of shit.”
The apps are a “total waste of time” Dimon told a crowd of students at the Financial Markets Quality (FMQ) Conference yesterday.
The billionaire banking boss appeared onstage at Georgetown University and had simple advice for the audience: “Learn, learn, learn, learn, learn, learn, learn.”
“If you’re a Democrat, read the Republican opinion … if you’re a Republican read the Democrat one,” Dimon added. “Read history books. You can’t make it up.”
He listed off materials the students should be interested in: “Nelson Mandela, Abe Lincoln, Sam Walton [the founder of Walmart].”
“You only learn by reading and talking to other people,” Dimon added. “There’s no other way yet. Maybe one day they’ll inject knowledge into your brain directly or something like that.”
“Be smart about it. People waste a tremendous amount of time … turn off TikTok, Facebook,” Dimon added.
Meta and TikTok did not immediately respond to Coins2Day’s request for comment.
Whether or not social media is a waste of time is an opinion—but one thing that’s certain is that Gen Z is spending a lot of time online.
A study of more than 400,000 families conducted last year found Gen Z in the US spend a few hours a day on TikTok alone, and a further hour and a half a day on messaging app Snapchat.
These youngsters insist they’re not just mindlessly scrolling. In the report commissioned by online safety business Qustodio Gen Z respondents said they were using the app to find recipe ideas, fashion advice, new music and DIY tips.
The generation aged 12 to 27 at the time of writing are also using the video platform to search for career advice—and are making career decisions based on what they see from creators.
‘Look at all the facts’
Dimon, who was paid $36 million for his work in 2023, also encouraged young people to focus on the facts.
“Look at all the facts, get to know all the people,” he added. “Develop your EQ, you know communicate well. You want to be the person that walks in the room and people want to hear what you have to say.”
The JPMorgan boss—who recently signaled he’d be standing down from the top job at America’s biggest bank within the next five years—also encouraged open-mindedness when it came to listening to other people.
Social media platforms have been accused of fuelling divisiveness on political and social issues, as well as spreading misinformation.
Pew Research discovered in 2022 that while most people thought social media on the whole was a good thing for democracy, 84% also said platforms were easily manipulated with false information and rumors. A further 65% said it added to divided political opinions.
Dimon encouraged the students to listen to opinions face-to-face, adding: “Be flexible. Don’t allow yourself to be weaponized. When people come with binary arguments … the second they do it to me I say ‘Excuse me, don’t do that.’ It’s not either or. It’s never either or, it’s usually something in between.”
