Billionaire and Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk has renewed buzz of his political comeback amid criticism of U.S. President Donald Trump's Big, Beautiful Bill.
What Happened: "If this insane spending bill passes, the America Party will be formed the next day," Musk said in a post on social media platform X on Monday.
The billionaire then went on to say that America needs other political parties to serve as "an alternative to the Democrat-Republican uniparty," which would help Americans "actually have a VOICE," he said in the post.
Musk made a series of posts slamming the "insane spending" of the bill and outlined that the bill would increase the U.S. debt ceiling by $5 trillion. He also criticized the Republicans and Democrats by saying that America had only one party, "the porky pig party."
Musk also slammed the politicians who were in support of the bill and said that they will lose their primaries next year, "if it is the last thing I do on this Earth," he said in a post on X.
Why It Matters: The criticism follows the Senate Republicans’ proposing a variety of spending cuts in the budget, including a $313 billion cut in Medicaid. The spending cuts and the Big, Beautiful Bill as a whole have received criticism from experts.
The bill would also affect Tesla, as well as the automotive industry's EV push as a whole, as the proposals by both the Senate and the House Republicans axe the $7,500 federal EV credit on all new EVs sold in the U.S.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
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