• Elon Musk criticizes Trump's "One Big Beautiful Bill," calling it fiscally irresponsible.
• Musk threatens to support political challengers against Republicans backing the bill.
• Trump hints at reviewing subsidies for Musk’s companies and jokes about deportation.
• Musk proposes forming a new political party named "America Party" if the bill passes.
• Both figures exchange heated remarks on social media, escalating their feud.

Billionaire Elon Musk has ramped up his criticism of U.S. President Donald Trump's sweeping tax and spending legislation, known as the "One Big Beautiful Bill." In a series of posts on his platform X, Musk labeled the bill as "insane spending," citing its potential to increase the national debt by a record $5 trillion and pledging to support primary challenges against any Republicans who back the legislation, which he frames as "political suicide for the GOP," according to The Hill, Los Angeles Times, and Al Jazeera.

In response to Musk's criticisms and as their public feud reignited, Trump remarked that without his companies' subsidies, Musk would likely "have to close up shop and head back home to South Africa." During a media briefing, he said "We might have to put DOGE on Elon," referring to the Department of Government Efficiency (DOGE), which Musk previously headed, reports Channel News Asia, Business Insider, and BBC.

Musk took to his platform X to counter Trump, stating it was "tempting to escalate," but that he would refrain for now. He emphasized the bill's implications for fiscal stability and environmental initiatives, calling it indicative of a "one-party country" and expressing interest in forming a new political entity, the "America Party," to represent those disillusioned by the current political landscape, according to Dawn, India Times, and The Hill.

As the U.S. Senate gears up for a crucial vote on the bill, tensions remain high, with Trump insisting he would explore the possibility of using DOGE to examine the subsidies Musk's companies receive, suggesting that funds could be better allocated elsewhere. This dispute reflects broader concerns over fiscal policy and political accountability among prominent business and political leaders, according to HuffPost, Al Jazeera, and South China Morning Post.