06:12 AM EDT, 06/30/2025 (MT Newswires) -- Tesla (TSLA) Chief Executive Elon Musk criticized the Senate version of President Donald Trump's budget bill, saying that proposed cuts to electric vehicle and other clean energy credits would harm the US.

"The latest Senate draft bill will destroy millions of jobs in America and cause immense strategic harm to our country," Musk said in a social media post, describing it as "utterly insane and destructive."

The bill would bring a quicker end to a renowned $7,500 consumer tax credit for EVs, according to Bloomberg.

"It gives handouts to industries of the past while severely damaging industries of the future," Musk wrote.

Tesla shares were down 1.4% in recent premarket activity Monday.