Trump, making his first comments on Musk’s criticism of his bill during an Oval Office press conference, insinuated the Tesla CEO opposes his “One Big Beautiful Bill Act” because he is “upset” the electric vehicle tax credit was removed, adding he’s not sure he’ll remain friends with Musk and alleging Musk “knew the inner workings of the bill.”

Tesla shares sank Monday after CEO Elon Musk announced he would form a new political party in an escalation of his feud with President Donald Trump.

Wedbush analyst Dan Ives wrote that the EV maker’s directors need to set ground rules for the CEO regarding his political activities.