Tesla and SpaceX CEO Elon Musk on Saturday renewed his previous criticism of President Trump's "One Big Beautiful Bill Act," which the Senate is racing to pass before the July 4 holiday.

The Senate revealed on Friday night an amended version of the House-passed bill.

"The latest Senate draft bill will destroy millions of jobs in America and cause immense strategic harm to our country," Musk wrote on X on Saturday. "It gives handouts to industries of the past while severely damaging industries of the future."

The former head of the Department of Government Efficiency posted that the bill would be "political suicide for the Republican Party."

Musk previously said he opposed the House-passed version since it would raise the deficit. The Senate version contains less spending reductions than the House-passed bill.