Elon Musk warns of millions of layoffs due to US Senate megabill
Elon Musk slammed the Senate’s “Big Beautiful Bill,” claiming it will kill millions of jobs, dismantle green subsidies, and hand them over to oil and coal.
Photo: Steve Jurvetson, CC BY 2.0 / Flick.com
USA — Elon Musk believes the “Big Beautiful Bill” will cost the United States millions of jobs because it “feeds the industries of the past and strangles the technologies of the future.” He wrote this on his social network account on X.
On the night of June 28, the US Senate voted 51 in favor and 49 against to open debates on the nearly thousand-page bill "One Big Beautiful Bill".
According to Reuters, starting September 30, 2025, it will eliminate the $7,500 federal EV credit, and subsidies for wind and solar energy will end for projects that haven't started construction by 2028; at the same time, the 2017 tax cuts become permanent.
The bill imposes a 10% tariff on equipment with Chinese components and expands deductions for oil and coal. According to Fox Business, Rhodium Group forecasts a loss of 830,000 jobs and an 8% increase in electricity prices.
The White House expects Donald Trump to sign the bill by July 4, while Democrats prepare for prolonged debate, and the oil and gas lobby has already welcomed the package as “strengthening energy security.”