Washington, D.C. — Billionaire entrepreneur Elon Musk has issued a sharp rebuke of a sweeping Senate tax-and-spending bill, warning that the proposed legislation would devastate the U.S. economy, wipe out millions of jobs, and cripple emerging industries like clean energy and electric vehicles.
Taking to X (formerly Twitter), Musk described the latest version of the so-called “Big Beautiful Bill” as “utterly insane and destructive,” urging lawmakers to reconsider what he called a dangerous and short-sighted policy move.
“The latest Senate draft bill will destroy millions of jobs in America and cause immense strategic harm to our country,” Musk wrote. “It gives handouts to industries of the past while severely damaging industries of the future.”
The bill, which is being championed by Senate Republicans and backed by President Donald Trump, proposes a rollback of several clean energy incentives introduced under the Biden administration’s Inflation Reduction Act (IRA). Among the key provisions are the elimination of tax credits for electric vehicles, residential solar installations, and wind energy projects.
Clean Energy Sector at Risk :Industry leaders and analysts have echoed Musk’s concerns. The American Clean Power Association warned that the proposed rollbacks could result in the loss of more than 800,000 clean energy jobs and halt billions of dollars in private sector investments. Tesla, Musk’s electric car and renewable energy company, said the bill would “reverse a decade of progress” in clean technology and infrastructure.
In a statement, Tesla Energy said: “This legislation threatens American energy independence and risks turning back the clock on innovation and environmental responsibility.”
Fiscal Concerns and Political Division :In addition to environmental and job-related implications, the bill is also expected to have a significant fiscal impact. According to the nonpartisan Congressional Budget Office (CBO), the measure would add approximately $2.4 trillion to the federal deficit over the next decade.
Some conservative lawmakers have joined Musk in voicing concern over the cost of the bill. Senators Rand Paul (R-KY) and Mike Lee (R-UT) have expressed skepticism about the long-term consequences of increasing the national debt, while others have raised alarms about the potential political fallout ahead of the 2026 midterm elections.
A Growing Rift :Musk’s outspoken opposition marks a notable shift in his relationship with President Trump. Once a vocal supporter of the administration’s deregulatory agenda, Musk has recently distanced himself from the president over policy disagreements, particularly on issues related to clean energy and technology investment.
Trump, for his part, has not publicly responded to Musk’s comments. However, sources close to the president told multiple outlets that tensions between the two have been simmering in recent months, particularly following Musk’s public endorsement of select Biden-era energy programs.
What’s Next: With the Senate expected to vote on the bill next week, pressure is mounting on Republican leadership to revise the package in response to growing criticism from business leaders, economists, and members of their own party.
Musk has urged lawmakers to prioritize long-term innovation over short-term political gains.
“This bill is political suicide for any party that supports it,” he wrote. “The future of American industry is at stake.”
The outcome of the vote could reshape the nation’s energy policies and economic trajectory for years to come.
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