Tesla CEO Elon Musk has voiced disappointment over President Donald Trump's new tax and spending bill, arguing it undermines efforts to reduce the U.S. budget deficit. The legislation, narrowly passed by the House of Representatives on May 22, extends 2017-era tax cuts, adds new breaks for consumption and auto loans, boosts defense spending, and increases funding to combat illegal immigration.

Musk also said on Wednesday that he is leaving his government role as an advisor to Trump. "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," Musk posted on X.