The actor fears he went too far in criticising Indiana Jones and the Kingdom of the Crystal Skull at the Cannes Film Festival in 2010, while promoting Wall Street: Money Never Sleeps, when he confessed to reporters that he thought the blockbuster could have been made better.
LaBeouf said, "The movie could have been updated. There was a reason it wasn't universally accepted... We need to be able to satiate the appetite. I think we just misinterpreted what we were trying to satiate."
And he went so far as to blame himself for the film's failure, adding, "You get to monkey-swinging and things like that and you can blame it on the writer and you can blame it on (director) Steven (Spielberg), but the actor's job is to make it come alive and make it work, and I couldn't do it. So that's my fault."
Asked at the time if he thought his remarks would upset Spielberg, LaBeouf said, "I'll probably get a call. But he needs to hear this. I love him. I love Steven. I have a relationship with Steven that supersedes our business work. And believe me, I talk to him often enough to know that I'm not out of line. And I would never disrespect the man."
But the young star has since had a change of heart after speaking with the movie mogul about his candid Cannes comments.
LaBeouf tells the new issue of The Hollywood Reporter, "He told me there's a time to be a human being and have an opinion, and there's a time to sell cars.
"It brought me freedom, but it also killed my spirits because this was a dude I looked up to like a sensei."