Trump signs "Great and Beautiful"! Musk blasts Trump's budget plan: calls it the "Debt Slavery Act"

The signing of the One Big Beautiful Bill Act by U.S. President Trump has sparked controversy, with Tesla CEO Elon Musk and Republican Senator Rand Paul criticizing the bill for leading to a surge in U.S. debt. This move not only deepened the public conflict between Musk and Trump but also resulted in Tesla's market capitalization evaporating by more than 150 billion dollars at one point.

Trump has officially signed the "Big and Beautiful Act" with the support of the crowd.

Musk and Paul joined forces against the spending bill.

After the bill was passed, Musk publicly responded for the first time by retweeting Senator Rand Paul's post on the social platform X, supporting his harsh criticism of the budget proposal. Paul pointed out that this bill would "cause the deficit to explode" and perpetuates the bad habit of "short-term political maneuvers sacrificing long-term fiscal sustainability."

Musk earlier this week referred to this bill as the "DEBT SLAVERY bill," warning of its long-term harm to U.S. finances.

The budget plan may add 3.4 trillion dollars in national debt.

According to an analysis by the Congressional Budget Office (CBO), this bill could increase the existing $36.2 trillion national debt of the United States by an additional $3.4 trillion over the next decade. However, the White House disagreed with this data, even labeling the budget agency as "politically biased." The content of this bill includes large-scale tax cuts, an expansion of immigration enforcement spending, while also cutting social welfare programs including Medicaid.

Green energy and electric vehicle subsidies cut, Musk furious.

For Tesla CEO Elon Musk, the removal of tax incentives and government subsidies for solar energy, wind energy, and electric vehicles in the bill is undoubtedly a heavy blow. Many of Musk's companies rely on these green energy policies for profit, which is one of the core reasons he strongly opposes this bill.

Trump earlier mocked Musk on social media, saying: "I canceled his electric vehicle mandate, something he already knew, and as a result, he went crazy!" The two have been publicly bickering since June, with a lot of tension.

Musk and Trump exchange barbs as TSL market capitalization plummets

During the escalation of the conflict between the two, TSL's stock price plummeted significantly. On June 5 alone, TSL's market capitalization evaporated by 152 billion USD, and the company's market value briefly fell below the 1 trillion USD mark. Although the stock price has rebounded to some extent since then, it has not yet returned to the levels prior to the turmoil.

This article Trump signed the "Big and Beautiful"! Musk blasts Trump's budget plan: calls it the "Debt Slavery Act" first appeared in Chain News ABMedia.