Yesterday, Musk once again took to his social media platform to denounce the budget bill, threatening to form a third political party should it pass and reposting content critical of the GOP spending plan.

Now, the EV tax credit is slated to end September 30, 2025, in the Senate version of the budget bill that is enduring a marathon voting session currently in that chamber. An earlier version contemplated canceling the tax credit 180 days after the signing of the bill for new EVs, and 90 days for used EVs.

Elon Musk warned that the cuts to electric vehicle and other clean energy credits in the US Senate's latest version of President Donald Trump's multi-trillion dollar tax bill would be "incredibly destructive" to the country.

President Donald Trump lashed out at Elon Musk on Tuesday, accusing the Tesla Inc. and SpaceX chief executive officer of benefiting excessively from government electric vehicle subsidies. Tesla shares tumbled.

KEY TAKEAWAYS Shares of Tesla are dropping in early trading Tuesday as the feud between CEO Elon Musk and President Donald Trump heats up again.Trump early Tuesday accused Musk of gaining excessively from electric vehicle subsidies.