Musk floats new party in signal he could torch GOP

Driving the news: Trump told reporters in the Oval Office on Thursday that he was "disappointed in Elon" for coming out against his "Big Beautiful Bill." Trump speculated it was because the bill slashes electric vehicle credits and because Musk already misses access to the Oval Office.

• Trump said he'd had a good relationship with Elon but made clear he didn't feel like he needed him, either during the election or now.

It appears Musk was watching. He posted a string of tweets opposing the bill, then went for Trump personally for the first time since allying with him last year.

• "Without me, Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate," he tweeted, adding: "Such ingratitude."
• Tesla stock sank Thursday on news of Musk and Trump's falling out.

The other side: Trump hit back later Thursday, saying Musk was "wearing thin."

• "I asked him to leave, I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!" Trump posted on Truth Social.

The intrigue: Musk had already gone after House Republicans for nearly unanimously approving the bill, but it was unclear if he was going to leverage his fortune or his huge platform against them.

• Then, Musk posted a tweet that will likely send a chill down the spines of Republican operatives, who were thrilled about the big tent coalition they assembled in 2024 with Musk's help.
• "Is it time to create a new political party in America that actually represents the 80% in the middle?"

Then he followed up in an apparent signal to Republicans deciding whether to back him or the president: "Trump has 3.5 years left as President, but I will be around for 40+ years."

Editor's note: This story has been updated with Trump's response.