Jamie DimonCEO of JPMorganhas criticized the use of social media platforms such as ByteDance-possessed TikTok And Meta Platforms Inc. META Facebook.

What happened: Dimon made these statements on Tuesday during a speech to students at the Georgetown Psaros Center for Financial Markets and Policy annual Financial Markets Quality conference.

He called TikTok and Facebook “a complete, stupid waste of time” and suggested that people, especially the younger generation, should read books instead.

Dimon spoke about the importance of reading widely and reading history books, suggesting that this would be a more productive use of their time.

He was answering a question about what suggestions he would give to the younger generation.

“Learn, if you’re a Democrat, read the Republican opinion, you know the good… there’s a lot of good, very smart. If you’re a Republican, read the Democratic. Read history books,” Dimon said.

See also: Jeff Bezos had a habit of holding an empty chair for the most important person in the room during company meetings

JPMorgan’s CEO said there is no other way to learn than reading until technology advances enough to inject all this knowledge directly into someone’s brain.

His statements were met with applause and laughter from the audience.

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Why it’s important: Dimon’s comments come amid growing concerns about the impact of social media on mental health, particularly among young people.

Earlier this July, Meta launched a study to investigate the effects of social media on the mental health of teenagers. This initiative came in response to concerns raised by Facebook whistleblower France Haugen for 2021.

Haugen disclosed internal documents that showed a possible link between Instagram and increasing rates of anxiety and depression among teens.

Additionally, a study last year revealed that 20% of young adults use TikTok for news, indicating a shift in information consumption habits. This is despite the fact that not everything on social media is factual and posts are often filled with misinformation and disinformation.

Earlier, Dimon’s sentiments were shared by tech billionaire Elon Muskwho warned of the dangers of social media for children. He argued that children are being influenced by AI algorithms designed to maximize dopamine.

Musk has acquired a social media site Twitternow renamed to Xfor $44 billion in October 2022.

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