The fragile peace between President Donald Trump and tech mogul Elon Musk has shattered in less than a month, reigniting a political feud that now threatens both Musk’s business empire and the future of Trump’s signature “Big, Beautiful Bill.”

Following a tight Senate procedural vote over the weekend to begin debate on the sweeping domestic policy legislation, Musk on Monday launched a barrage of criticism, pledging to fund primary campaigns against Republican lawmakers who supported the bill. The Tesla and SpaceX CEO spent hours posting and reposting messages attacking the bill for its projected cost.

“Every member of Congress who campaigned on reducing government spending and then immediately voted for the biggest debt increase in history should hang their head in shame! And they will lose their primary next year if it is the last thing I do on this Earth,” Musk wrote on X (formerly Twitter).

He later posted a graphic featuring Pinocchio with “LIAR” written across his face, captioned: “Voted to increase America’s debt by $5,000,000,000,000.” In another post, Musk warned: “Anyone who campaigned on the PROMISE of REDUCING SPENDING, but continues to vote on the BIGGEST DEBT ceiling increase in HISTORY will see their face on this poster in the primary next year.”

The renewed confrontation sent Tesla shares tumbling 7% on Tuesday, following a 2% drop the day before, even as the S&P 500 and Nasdaq hit record highs. With much of Musk’s wealth tied to Tesla’s performance, the financial blow has been significant.

Wall Street analysts are concerned. “This BFF situation has now turned into a soap opera that remains an overhang on Tesla’s stock,” wrote Dan Ives of Wedbush Securities. “Tesla investors want Musk to focus on driving Tesla and stop this political angle.”

Musk also revived calls for a new political movement, threatening to form a third party. “If this insane spending bill passes, the America Party will be formed the next day,” he wrote.

President Trump hit back on Truth Social early Tuesday, warning that Musk’s opposition could jeopardize his access to lucrative government contracts.

“Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa,” Trump wrote. “Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!!”

At a White House briefing later that day, Trump escalated the threat: “He’s upset that he’s losing his EV mandate. He could lose a lot more than that, I can tell you right now. Elon could lose a lot more than that.”

When asked if he was considering deporting Musk—a U.S. citizen—Trump replied, “I don’t know, we’ll have to take a look.” He added, “We might have to put DOGE on Elon. You know what DOGE is? DOGE is the monster that might have to go back and eat Elon.”

Although Trump’s comments were veiled, the implications for Musk’s businesses are clear. Tesla, SpaceX, and other ventures like Neuralink, xAI, and X are all exposed to federal oversight and subsidies. While SpaceX earns billions from government contracts, Tesla benefits from electric vehicle (EV) tax credits and regulatory credit sales. Analysts estimate the loss of these credits could cost Tesla over $3 billion annually.

“At the end of the day being on Trump’s bad side will not turn out well, and Musk knows this,” Ives noted.

Trump has accused Musk of opposing the bill due to the rollback of EV mandates and incentives. Musk, however, denies this. “Elon’s opposition to the ‘One Big Beautiful Bill’ has never been about its removal of EV tax credits or the EV mandate, it’s simply about his passionate opposition to rising government debt,” a post he retweeted read.

“All I’m asking is that we don’t bankrupt America,” Musk posted.

Despite Musk’s threats, the bill’s fate remains uncertain. Trump has launched an intense lobbying campaign, forcing GOP lawmakers to choose between the president’s backing or Musk’s financial muscle. Musk has previously spent more than $275 million to support Trump and Republican candidates. Though he said in May he planned to reduce political spending, his recent rhetoric suggests a renewed appetite for political influence.

Still, not all of Musk’s political ventures have succeeded. He spent heavily to back a losing Republican candidate in Wisconsin’s Supreme Court race earlier this year. And despite his wealth and platforms, Trump remains president—Musk is not.