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.

The Tesla CEO heavily criticized the One Big Beautiful Bill that’s working its way through the U.S. Senate, and the president retaliated once again by threatening to remove subsidies on Musk’s companies and cancel contracts for Tesla and SpaceX.

President Donald Trump threatened to scrap government subsidies for Elon Musk’s companies, including Tesla, after the billionaire attacked supporters of his spending bill.