Pete Davidson Gave Colin Jost Expensive Gift to Apologize for Bad Behavior in Past

Pete Davidson and Colin Jost were never in a feud ... but Pete definitely regrets how he behaved in the past before he went to rehab and got clean -- so he bought CJ a very fancy gift to apologize.

Sources with direct knowledge tell TMZ ... reports, including the initial one from The U.S. Sun, claiming Pete and Colin had become enemies, were way overblown -- and that was not the reason PD gifted Jost a $20,000 Cartier watch.

The real reason for the swanky timepiece is Pete wanted to offer a mea culpa -- or as Pete would likely say, "My bad, dawg" -- for his behavior prior to checking into rehab.

Specifically, Pete wanted to make clear he was taking his sobriety situation seriously ... he wanted to show Colin he would be a reliable business partner after they went in on their joint ownership of the Staten Island Ferry.

Our sources say the two pretty much lost touch after Pete left 'SNL' ... aside from their hilariously random co-purchase of the ferry -- a choice Pete previously said was made when they weren't fully sober.

Don't get it twisted ... Pete and Colin are on fine terms, our sources say ... but, they also have their own lives -- and, they weren't ever really best buds. We're told they used to spend a lot of time together 'cause they were colleagues, and now they don't work together anymore.

The two comedians bonded on "Saturday Night Live" over a shared connection -- Pete's dad and Colin's grandfather were both New York City firefighters -- and, obviously, Pete was a regular fixture on "Weekend Update" when still on 'SNL.'

However, our sources say when Pete was struggling with his sobriety, he was too much for Colin ... something Pete realized when he got clean after going to rehab last summer.

As we told you ... Davidson checked into a wellness facility to focus on his mental health. He also spent time in a facility in 2023 to help manage his PTSD and borderline personality disorder.