Elon Musk's feud with President Donald Trump has reignited, with the tech billionaire threatening to launch a new political party and Donald Trump suggesting Musk could be punished for his opposition.

The feud reignited on Monday when Musk, who spent hundreds of millions on Trump's re-election, renewed his criticism of Trump's tax-cut and spending bill, which would eliminate subsidies for electric vehicle purchases that have benefited Tesla, the leading U.S. EV maker. That bill passed the Senate by a narrow margin midday Tuesday.

Shares of electric vehicle maker Tesla, which is headed by Elon Musk, slumped Tuesday as the war of words between the billionaire and President Donald Trump over the big bill of tax breaks and spending cuts heats up again,