Elon Musk Calls Trump's Megabill 'Political Suicide,' Says 'It Is Utterly Insane and Destructive,' Will 'Destroy Millions of Jobs in America'

Tesla Inc. TSLA CEO Elon Musk, publicly criticized President Donald Trump‘s One Big Beautiful Bill, which advanced in the Senate Saturday night, calling it “utterly insane” and “destructive.”

What Happened: Musk’s criticism comes in the midst of an ongoing public disagreement with President Trump, who is a supporter of the bill. Musk’s criticism is aimed at the sections of the bill that propose tax hikes on a range of energy projects.

These include solar, battery, geothermal, wind, and nuclear energy projects. Tesla, the electric vehicle and clean energy company Musk heads, has significant interests in both battery energy storage systems and solar photovoltaics.

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Musk took to X, his personal social media platform, to express his concerns about the bill. He stated that it “will destroy millions of jobs in America and cause immense strategic harm to our country!”.

He also criticized the bill for its perceived bias towards “industries of the past”, which he believes will be detrimental to future industries.

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The proposed legislation also includes a new subsidy for coal used in steel production. This public criticism from Musk has led to a strain in his relationship with President Trump. Following Musk’s comments, Tesla’s shares fell by 14% after the president threatened to review government contracts awarded to Musk’s companies.

Despite expressing regret over some of his posts, Musk continues to voice his opposition as the legislative debate over the bill approaches.

Why It Matters: Musk’s criticism of the Senate’s domestic policy package is significant given his position as the CEO of Tesla, a company heavily invested in renewable energy. The proposed tax increases on energy projects could potentially impact Tesla’s business operations and future growth.

The public feud with President Trump and the subsequent threat to reassess government contracts for Musk’s companies has already had a noticeable impact on Tesla’s share price.

This ongoing situation highlights the potential risks and uncertainties faced by companies in the renewable energy sector.

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