Musk backs Sen. Paul's criticism of Trump's megabill in first comment since it passed

In a significant turn of events, Tesla CEO Elon Musk has publicly supported Sen. Rand Paul’s critique of President Donald Trump’s recently passed spending bill. Musk’s endorsement came through a post on X, where Paul expressed his dismay over the legislation’s potential to dramatically inflate the national deficit and criticized it for prioritizing short-term political gains over sustainable fiscal policies. The House of Representatives narrowly approved the One Big Beautiful Bill Act on Thursday, advancing it to Trump for his signature. Both Musk and Paul have been outspoken critics of the bill, spotlighting the risks it poses to the national debt. Musk previously referred to the measure as the “DEBT SLAVERY bill,” raising alarms about its implications. According to the Congressional Budget Office, the legislation could contribute an astonishing $3.4 trillion to the existing $36.2 trillion U.S. debt over the next ten years. The White House, however, has dismissed the CBO’s estimates as biased, engaging in a war of words over the financial ramifications. The bill itself proposes significant tax cuts alongside increased spending for immigration enforcement while making substantial cuts to Medicaid and other essential programs. It also includes reductions in tax credits and funding for renewable energy initiatives, which is particularly concerning for Musk, who oversees multiple companies reliant on such programs. Adding to the drama, Trump previously took to social media to claim that he had dismantled the electric vehicle mandate, which he suggested forced consumers into purchasing electric cars that lacked demand. This public spat has impacted Tesla's stock, which saw a dramatic decline of $152 billion in market capitalization on June 5, pushing its valuation below the $1 trillion mark. Although shares have largely recovered, they remain below their pre-conflict trading levels.