In recent years, a serious conflict has arisen between Elon Musk, the founder of Tesla (TSLA) and SpaceX, and JPMorgan (JPM) due to business disputes. Since 2016, there has been almost no business interaction between Tesla, SpaceX, and JPMorgan, with the latter not seeking any business from Musk.

However, in March of this year, Musk made a rare appearance at JPMorgan's inaugural technology conference, sharing the stage with JPMorgan's CEO Jamie Dimon. This move was seen as a sign of thawing relations between the two.

Recent reports indicate that Musk is working on establishing a friendlier relationship with Dimon, who hopes JPMorgan can attempt to resume business dealings with Musk. JPMorgan also hired renowned wealth manager Eric Gray in May of this year to provide consulting services specifically for ultra-high net worth clients, including Musk.

In 2016, Musk had approached JPMorgan for car loans for Tesla's electric vehicles. JPMorgan's hesitation angered Musk, who threatened to cancel Tesla's business dealings with the bank. Dimon stepped in and explicitly stated that JPMorgan would not tolerate disrespect.

In 2021, JPMorgan sued Tesla, seeking $162 million in damages. The bank claimed Tesla should pay facilitation fees from a 2014 transaction, but Tesla countered that this was retaliatory behavior from JPMorgan.

In January 2023, Musk clearly stated in court testimony that Tesla's relationship with JPMorgan was extremely negative. However, in November of the same year, Dimon suddenly praised Musk's talent and incredible contributions to humanity. In January of this year, Musk liked Dimon's comments about Trump on X.

Sources reveal that Musk is now seeking as many allies as possible on Wall Street and in the capital markets. On the one hand, he is seeking support for a groundbreaking compensation plan for Tesla, which most institutional investors oppose due to its $47 billion valuation.

On the other hand, Musk's AI startup, xAI, is actively seeking investors. In last month's Series B financing, xAI raised $6 billion, bringing its valuation to $18 billion in less than a year. These factors make Musk eager to find more support in the capital markets.

For JPMorgan, Musk's powerful companies are extremely attractive in terms of capital. Most banks hope to maintain good relations with Musk to secure opportunities for future Musk companies, such as SpaceX, to go public.

In this context, a reconciliation between the two parties seems natural. However, whether JPMorgan can gain more business from Musk after this thaw remains to be seen.