In a Spaces event livestreamed on X, Musk said that the talk would be aimed at convincing bond markets that his DOGE cost-cutting initiative should instill confidence in U.S. Debt. Musk was joined by former DOGE co-lead Vivek Ramaswamy and Republican senators Joni Ernst of Iowa and Mike Lee of Utah.

“The bond markets do not currently reflect the savings I’m confident we can achieve,” Musk said during the live event. “If you’re shorting bonds, I think you’re on the wrong side of the bet.

“There will be less debt needed, as we stop wasting taxpayer money on crazy things,” he said of DOGE. Musk did not specify when or where the talk with JPMorgan Chase would take place, but he noted it would be for a financial audience.

Significant spending cuts, like those proposed by DOGE, could reduce the need for government borrowing, which in turn might lower Treasury yields and ease investor concerns about rising yields. Bond investors typically benefit when government debt decreases or when fiscal policies are seen as stabilizing the economy. However, whether DOGE’s cuts will have a tangible, direct impact on the bond market remains uncertain.

Dimon and Musk’s collaboration comes just weeks after the JPMorgan Chase boss offered to help Musk with his government cost-cutting initiative. In a recent interview with CNBC’s Squawk Box, Dimon addressed Musk’s plans for DOGE, saying, “I wish him the best. It’s going to be complicated; the federal government’s complicated, you’ve read about all the people in it.”

He added, “If we can be helpful to them, I’d love to be helpful to them.”

Dimon and Musk have been patching up their yearslong feud in recent months. In the interview, Dimon said the pair had “hugged it out” and went on to call Musk “our Einstein.”

“He came to one of our conferences. He and I had a nice long chat; we’ve settled some of our differences,” Dimon said. Musk and Dimon’s reconciliation follows JPMorgan’s decision to drop a lawsuit against Tesla in late 2024.

Representatives for Musk and Dimon did not immediately respond to a request for comment made by Coins2Day, made outside normal working hours.

Musk lays out plans for DOGE

During the Spaces event, Musk laid out some of his plans for DOGE—which include shuttering the U.S. Agency for International Development (USAID).

The billionaire took aim at the aid agency during the live event, calling it a “ball of worms” and “beyond repair.” He also said he had discussed USAID with President Trump, who agreed the agency should be shut down.

Musk has been wresting control over the aid agency over the last few days.

According to a report from the Associated Press, the Trump administration placed two top USAID security chiefs on leave after they refused to hand over classified materials to Musk’s DOGE teams. Musk’s team reportedly did eventually gain access to the agency’s classified information, including intelligence reports.

DOGE has also gained access to sensitive information at the Treasury Department over the weekend, including the Social Security and Medicare customer payment systems. One senior Treasury official resigned over the incident, the Washington Post reported.

Regulation overhaul

Musk also used the Spaces event to discuss his plans to overhaul government regulation.

The billionaire said that while he applauded Trump for an executive order that mandated 10 regulations had to be withdrawn for every new regulation enforced, he wanted to go further and do “wholesale spring-cleaning of regulations.”

“Regulations basically should be default gone—not default there,” he said.

Musk and Ramaswamy have long said they are committed to overhauling the government’s regulatory framework, aiming to reduce bureaucracy and enhance efficiency within the federal government. In an op-ed for the Washington Post, the pair argued that unelected federal agencies have accumulated excessive power, leading to regulations that often exceed the authority granted by Congress.

“Deregulation and meritocracy go hand in hand,” Ramaswamy said during the X Spaces event. “One measure of DOGE’s success is not just the deficit reduction…a lot of these benefits of delivering economic growth won’t be measured in this year’s deficit-reducing but will be measured in long-run GDP growth…and I think that’s equally important.”