JPMorgan Chase CEO Jamie Dimon said young people should spend less time on social media platforms and more time reading. Dimon was speaking Tuesday at the Psaros Center for Financial Markets and Policy's annual Financial Markets Quality conference in Georgetown, and when asked what advice he had for students in attendance, he said: "For most of you, shut down TikTok, shut down Facebook. It's a complete, stupid waste of time."
Reading widely and reading history books are better uses of time, Dimon said.
"My advice to students is: Study, study, study, study, study, study, study. If you're a Democrat, read the Republican point of view. Good point of view. And if you're a Republican, read the Democratic point of view."
Unlike most corporate executives, Dimon keeps a relatively low profile on social media. In addition to LinkedIn, Dimon does not use other social media platforms such as Facebook, Twitter or TikTok. Although he admitted to registering an Instagram account with a fake username in 2021.
Dimon also criticized social media in his annual letter to shareholders this year, adding that the platforms needed to do more to address the problems they caused.
"There is no question that social media has some real negative effects, from election manipulation to the growing negative impact on children's mental health," Dimon wrote.
“These are issues that affect us individually and collectively, and it’s time for social media companies to do more to address these challenges, and quickly,” he added.