JPMorgan Chase CEO Jamie Dimon has taken aim at social media platforms, urging young people to ditch their TikTok and Facebook feeds in favor of good old-fashioned reading.
During a speech at the Georgetown Psaros Center for Financial Markets and Policy’s annual Financial Markets Quality conference, Dimon called social media a “total stupid waste of time.” He emphasized the importance of reading widely, particularly history books, arguing that it offers a more productive use of time and provides valuable knowledge and perspectives.
Dimon’s comments come at a time when concerns about the impact of social media on mental health, particularly among young people, are growing. Earlier this year, Meta launched a study to investigate the potential effects of social media on teenage mental health, following concerns raised by Facebook whistleblower Frances Haugen. Haugen revealed internal documents suggesting a possible link between Instagram use and increased anxiety and depression among teenagers.
Furthermore, a survey last year found that 20% of young adults rely on TikTok for news, highlighting a shift in information consumption habits. However, the accuracy and reliability of information on social media remain a concern, as misinformation and disinformation are rampant.
Dimon’s stance echoes sentiments expressed by tech billionaire Elon Musk, who has also warned about the dangers of social media for children, citing the influence of AI algorithms designed to maximize dopamine. Musk acquired Twitter, now rebranded as X, for $44 billion in October 2022.
Dimon’s message, delivered with humor and a touch of irony, encourages a return to traditional forms of learning and information gathering. He believes that reading, particularly history books, offers a deeper understanding of the world and the complexities of human behavior. His stance, while somewhat controversial, sparks a conversation about the role of social media in our lives and the importance of fostering a well-rounded education.
