Musk and Trump traded scathing missives on social media in early June. Trump has previously threatened to end government contracts with Musk's companies, saying during their June fallout that "the easiest way to save money" would be to "terminate Elon’s Governmental Subsidies and Contracts."

The Tesla CEO said he would do everything in his power to end the political careers of GOP lawmakers that raise the debt ceiling by $5 trillion in Trump's One Big, Beautiful Bill.

"If this insane spending bill passes, the America Party will be formed the next day," Musk wrote in an X post on Monday.