Tesla CEO Elon Musk has publicly criticized former U.S. President Donald Trump's newly passed tax and spending legislation, calling it a setback for fiscal responsibility. The bill, approved by the House of Representatives on May 22, extends tax cuts from 2017, introduces consumer incentives for auto loans, and allocates additional funds to defense and immigration enforcement.
Musk announced his departure from a federal advisory role on social media platform X, stating: "As my scheduled time as a Special Government Employee comes to an end, I would like to thank President Trump for the opportunity to reduce wasteful spending." The billionaire entrepreneur had served as an advisor since 2022.
Analysts suggest Musk's critique reflects growing concerns among business leaders about the U.S. deficit, which reached $1.7 trillion in 2023. The legislation's focus on consumption-driven incentives could impact global supply chains, particularly in Asia's automotive and tech sectors.
