Elon Musk Urges New Party Against Trump's Spending Bill

Following a period of silence after a public verbal feud, Tesla CEO Elon Musk has renewed his earlier criticism of US President Donald Trump's expansive tax cut and spending bill, which he had claimed would significantly inflate the national debt. Musk, who vowed to unseat the lawmakers supporting the bill for violating their pledges to reduce government expenditure, has now shifted focus to advocating for the creation of a new political party.

The dispute stems from a controversial fiscal legislation that can raise the national ceiling by $5 trillion. Musk had spent $300 million for Trump's re-election campaign and headed the Department of Government Efficiency (DOGE). He expressed his concerns over what he termed "insane spending", claiming it will nullify the cost-saving measures he had taken under DOGE.

"Time for a new political party that actually cares about the people," Musk posted on X. The prolonged clash over fiscal priorities significantly affected Tesla's market capitalisation, which saw a temporary decline of approximately $150 billion, though it has since recovered. The latest exchange highlights growing tensions between major political donors and elected officials over fiscal responsibility and party allegiance.