Musk fumes over Trump’s ‘insane’ $5tr spending plan, floats new party

Elon Musk has strongly criticised President Donald Trump’s $5 trillion spending plan, saying the massive bill shows the need for a new political party. 

The billionaire called the spending “insane” and claimed the US is turning into a one-party country that no longer puts people first.

The Tesla chief slammed the "insane spending" in the bill, particularly the measure that increases the debt ceiling by $5 trillion.

"It is obvious ... that we live in a one-party country – the PORKY PIG PARTY!! Time for a new political party that actually cares about the people," Musk wrote on X.

Musk has repeatedly expressed frustration with what he sees as bipartisan indifference to ballooning government debt. Earlier this month, he publicly clashed with Trump over the bill, before later backtracking.

The bitter public feud has caused volatility for Tesla, with shares of the company experiencing wild price swings that erased approximately $150 billion of its market value, although it has since recovered.

The dispute highlights growing tensions between the administration and prominent business leaders over fiscal policy priorities.