Jamie Dimon, CEO of JPMorgan, has criticized the use of social media platforms like ByteDance-owned TikTok and Meta Platforms Inc.'s (NASDAQ:META) Facebook.
What Happened: Dimon made these remarks on Tuesday while addressing students at the Georgetown Psaros Center for Financial Markets and Policy's annual Financial Markets Quality conference.
He called TikTok and Facebook "a total stupid waste of time," and suggested that people, particularly the younger generation, should read books instead.
Dimon spoke about the importance of reading widely and consuming history books, stating that it would be a more productive use of their time.
He was answering a question about what suggestions he would give the young generation.
"Learn, if you're a Democrat, read the Republican opinion, you know the good ones... there are a lot of good, very smart ones there. If you're a Republican, read the Democrat ones. Read history books," Dimon stated.
The JPMorgan CEO said that there's no other way to learn but to read until at least the day when the technology advances enough to be able to inject all this knowledge into a person's brain directly.
His statements received applause and laughs from the audience.
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Why It Matters: Dimon's comments come amidst growing concerns about the impact of social media on mental health, particularly among young people.
In July earlier this year, Meta initiated a study to investigate the effects of social media on teen mental health. This initiative came in response to concerns raised by Facebook whistleblower Frances Haugen in 2021.
Haugen revealed internal documents indicating a potential connection between Instagram use and rising anxiety and depression rates among teens.
Moreover, last year, a survey revealed that 20% of young adults rely on TikTok for news, indicating a shift in information consumption habits. This is despite the fact that not everything on social media is factual, and the posts are often filled with misinformation and disinformation.
Previously, Dimon's sentiments were echoed by tech billionaire Elon Musk, who warned about the dangers of social media for children, stating that they are being influenced by AI algorithms designed to maximize dopamine.
Musk acquired social media site Twitter, now rebranded as X, for $44 billion in October 2022.
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